TEE International and Advancer Global in JV to acquire waste management group for $18.5 mil

SINGAPORE (Nov 20): TEE group, Advancer Global group and an undisclosed investor have formed a joint venture to acquire a 100% stake in Chiang Kiong group, a waste management provider, for $18.5 million.

The Chiang Kiong group is made up of Chiang Kiong Resources (Paper), which owns Chiang Kiong Environmental and Envotek Engineering.

A joint venture company will be formed by TEE’s subsidiary, TEE Infrastructure, Advancer Global’s subsidiary, Advancer Global Facility and the investor, where they will own 50.1%, 20.1% and 29.8% stakes respectively, to acquire Chiang Kiong group.

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