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(Oct 28): The owners of Jaya Grocer are considering selling a majority stake in a deal that would value Malaysia’s largest high-end supermarket chain at more than $ 200 million, according to people with knowledge of the matter.
The Teng family, which founded the supermarket, and the Asean Industrial Growth Fund, whose backers include Japan’s Mitsubishi Corp, are working with an advisor on the possible stake sale, the people said. The non-binding offers are due next month, said the people, who asked not to be identified as the process is private.
AIGF was created in 2015 as a private equity fund between Mitsubishi, Malaysian financial firm CIMB Group Holdings Bhd and the Development Bank of Japan Inc, according to a press release.
Deliberations are ongoing and there is no certainty that an agreement will be reached, the people said. The family could decide to keep part of their stake, they said. A representative for CIMB declined to comment on the matter. Representatives for Jaya Grocer and Mitsubishi did not respond to requests for comment. Calls to the Teng family’s Trendcell Sdn Bhd were not returned.
Jaya Grocer, which was founded in the mid-2000s, has 35 outlets across the Southeast Asian country and offers online shopping and delivery, according to its website.
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