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SEB acquires landfill company

KUALA LUMPUR (May 4): Seremban Engineering Bhd (SEB) is looking to acquire 40% of landfill services provider Selekta Spektra Sdn Bhd for RM8.5 million. Selekta currently has a concession agreement with Majlis Bandaraya Ipoh to construct, maintain and manage a landfill for nine years starting from 2011, with an option for an additional 11 years.

The rationale for the acquisition, according to SEB, is to diversify its business, and allow the company an avenue to participate directly in the business of waste management and benefit from the concession agreement. SEB intends to finance the purchase through a combination of internally generated funds and borrowings.

The acquisition is expected to contribute positively to SEB's overall earnings for the current financial year ending Dec 31, 2012.

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