KUALA LUMPUR, Oct 28 — The owners of Jaya Grocer in Malaysia are contemplating selling a controlling stake in the company, sources said.
Bloomberg reported that the deal could value the supermarket chain at US$200 million (RM831.1 million) and non-bidding bids are due as soon as November, the financial portal reported quoting sources close to the matter.
Jaya Grocer and Village Grocer are the two biggest retailers in the country.
Jaya Grocer’s owners are the Teng family and Asean Industrial Growth Fund (AIGF). They have stores in high-end residential areas like Bangsar and Gardens in MidValley Megamall as well as in Damansara Perdana, Emporis Kota Damansara and Mutiara Tropicana.
According to Bloomberg, negotiations are ongoing but the deal itself is not certain.
Jaya Grocer, founded in 2007, is operated by Trendcell Sdn Bhd, which was set up with the aim of establishing a premium supermarket grocer.
