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KUALA LUMPUR: Intermediate Capital Group Plc is approaching a deal to acquire a majority stake in a Malaysian hypermarket chain from Southeast Asian private equity firm KV Asia Capital Pte for more than RM800 million (US $ 196 million), according to people familiar with the matter.
The UK alternative asset manager is looking to buy KV Asia’s stake in TF Value Mart Sdn Bhd, which is being advised by Rippledot Capital Advisers Pte, said the people, who asked not to be identified because the process is private.
The deal could be signed next week, the people said.
The Singapore-based procurement firm isn’t the only one to ditch a Malaysian supermarket chain. The Teng family and the Asean Industrial Growth Fund are working with an advisor to sell Jaya Grocer, the nation’s largest high-end supermarket chain, for more than $ 200 million, Bloomberg News reported in October.
KV Asia reached out to potential TF Value Mart buyers last year, according to the people. The private equity firm, along with local and international partners, bought a controlling stake in TF Value Mart in 2016, according to a company statement.
TF Value Mart operates a chain of 36 hypermarkets in eight states of Peninsular Malaysia, which offers fresh produce, groceries and general merchandise, according to its website.
Deliberations are ongoing and there is no certainty that an agreement will be reached, the people said. A representative for KV Asia and an external ICG spokesperson declined to comment. A representative for Rippledot was unable to immediately comment.
