Malaysian property developer Glomac Bhd (KL: GLOMAC) is aggressively seeking to diversify into the waste-to-energy business and is having discussions with all stakeholders in order to be able to look at feasible opportunities available to them. Datuk Seri FD Iskandar Mohamed Mansor, group managing director and CEO, told shareholders in the company’s 40th annual general meeting that an efficient waste collection system was only possible through collaboration with local councils.

In discussing issues related to the production of waste in Malaysia, FD Iskandar said, “As the Malaysian economy continues to grow, our landfills are reaching capacity. The critical question is how many more landfills we can feasibly open. One promising solution is to convert waste into energy.” While the talks are at a preliminary stage, he stated that common ground must be built with the councils in charge of this area of concern.

While this is an uncharted area for Glomac, the FD revealed that the company would not stray too far from its core business of property development. “We are firmly grounded in real estate, but we are open to those ventures that synergistically align with our core business,” he said.

Iskandar once again shared with The Edge Malaysia how new business ventures must support the core business of Glomac, which is property development. He emphasized that the group is committed to sustainability and green energy is very much a part of this planning.

A related responsibility is heading GreenRE Sdn Bhd-an initiative by Real Estate and Housing Developers’ Association (Rehda) Malaysia-to promote sustainable practices in the real estate industry. GreenRE is focused on facilitating green building certification, training, and funding research in relevant areas-that reinforces Glomac’s commitment to sustainability.

This follows a strong recent acquisition by Naza Corp Holdings Sdn Bhd when the group reportedly invested RM700 million to acquire Berjaya Enviro Holdings Sdn Bhd. It is the reflection of a trend by developers to enter the green economy, especially in the management of municipal waste and energy recovery.

As Glomac ventures into waste-to-energy, it is not forgetting property development at core business while maintaining an eye on innovative and sustainable business models. The company will continue to be discussing this initiative and, looking forward, to keep stakeholders abreast with the developments.

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