KUALA LUMPUR: Khazanah Nasional Bhd has chosen South Korean company SK ecoplant Co Ltd as a strategic partner to accelerate the growth of Cenviro Sdn Bhd into a waste management powerhouse.
The sovereign wealth fund said in a statement that SK ecoplant has won a multilateral tender process to be the optimal minority partner to support its flagship sustainable services company, Cenviro, in its next stage of strategic growth.
SK ecoplant, involved in environmentally friendly businesses in the areas of integrated waste management, energy, engineering and construction, will bring its operational and technological capabilities to Cenviro.
At the end of the partnership, the South Korean firm will hold a 30% stake in Cenviro while Khazanah will remain the company’s majority shareholder.
According to Khazanah, the collaboration is in line with the industrial development of the national waste management sector and its long-term strategy under Advancing Malaysia, which was announced by the fund during its annual review in March 2022.
“Among others, Khazanah will undertake key initiatives to deliver impactful results for the nation, including representing Malaysia on the global stage to facilitate knowledge flows, networks and investment opportunities,” he said. .
He added that the partnership will also facilitate his strategy of creating a sustainable future, in which he hopes to play a leading role in shaping fair and responsible environmental, social and governance (ESG) policy.
transition for Corporate Malaysia.
“For more than 30 years, Cenviro has been the local leader in the integrated waste management industry in Malaysia.
“Our partnership with SK ecoplant will further elevate Cenviro’s business to be world-class and at the forefront of sustainable waste management and recovery in the region.
“Cenviro’s growth plan echoes Khazanah’s mandate to develop globally competitive businesses rooted in sustainability within our stable,” said Khazanah Managing Director Datuk Amirul Feisal Wan Zahir.