A fund advised by HSBC Private Equity (Asia) has completed the sale of Modern Asia Environmental Holdings Inc. to Dowa Eco-system. HSBC Private Equity acquired its shareholding in MAEH in January 2006. In the ensuing period, shareholders and management of MAEH have focused on growing the company in South-East Asia, according to a statement.
Bangkok-based MAEH is a regional waste management services company with operations in South-East Asia.
The company’s principal activities are the collection, transport, treatment, off-site services and final disposal of industrial and commercial waste. MAEH operates in Indonesia, Thailand and Singapore.
“We are extremely happy with how MAEH has progressed,” says Paul Kang, director of HSBC Private Equity. “HSBC Private Equity is committed to investing in high growth business opportunities in Asia and we have a strong track record of investing in firms in the region. MAEH has great medium term growth prospects notwithstanding the challenging business environment. We believe that MAEH will be a valuable addition to the existing environmental businesses of the Dowa Group in Japan and China, and will be successful in this phase of development under its new owners.”
Initiatives at MAEH in the past three years include the start of operations at the greenfield waste to steam incineration plant at the Bangpoo Environmental Complex in Thailand and the expansion of MAEH’s waste collection capability with the rollout of five waste transfer stations throughout Thailand and three in Indonesia.
D.C.