Modern Asia

completed

Modern Asia Environmental Holdings Inc. (MAEH), a waste management company based in Southeast Asia, offers modern, environmentally and technologically sound waste management services for the safe disposal and reuse of urban and industrial waste in Indonesia and Thailand. MAEH operates the only site in existence in Indonesia that offers international caliber hazardous waste treatment and disposal services, and is one of the few operators in Thailand that provides non-hazardous industrial waste services to these same standards. MAEH contracts directly with waste generators, who are typically industrial and commercial clients, to collect, transport, recycle, treat and dispose of their wastes. For municipalities capable of paying for services meeting international environmental standards, MAEH can manage municipal solid waste disposal. In Indonesia, MAEH also provides on-site remediation services for large industrial clients, particularly in the oil and gas industry. MAEH intends to expand its industrial waste services business in Thailand and Indonesia and pursue new opportunities in the Philippines, Malaysia and other countries in the region. The expansion will take place via MAEH equity investments in and company loans to MAEH subsidiaries located in target countries. IFC would support MAEH’s growth plans with long-term debt on a corporate basis. Proceeds of IFC’s corporate loan would be invested by MAEH in existing subsidiaries, acquisitions and greenfield investments in the ASEAN region. MAEH’s existing operational facilities include the Eastern Seaboard Environmental Complex (ESBEC), which is a non-hazardous industrial waste processing facility in Chonburi Industrial Estate, Thailand, and Prasadha Pamunah Limbah Industri (PPLi), a hazardous waste processing facility south of Jakarta, Indonesia. Both facilities may be upgraded/expanded as part of the project. In addition, MAEH would invest in additional transfer stations in both Thailand and Indonesia to increase waste volumes to ESBEC and PPLi, and expand the company’s geographic reach. New ventures to be financed as part of the project may include a greenfield solid waste management complex at a site to be determined in the Philippines and a waste-to-steam pilot project inside the Bangpoo Industrial Estate, Thailand. The Bangpoo pilot is being conducted under the auspices of the Industrial Estates Authority of Thailand with support from the National Energy Development Organization (NEDO) of Japan.