By 
KUALA LUMPUR: UK ICG (Intermediate Capital Group Plc) is approaching an agreement to buy, according to people familiar with the matter, a majority stake in a Malaysian hypermarket chain from Southeast Asian private equity company KV Asia Capital Pte for more than RM800 million (US$196 million).
KV Asia, which is advised by Rippledot Capital Advisers Pte, is looking to buy the stake in TF Value Mart Sdn Bhd from the UK alternative asset manager, said the individuals, who asked not to be identified as the process is private.
They will sign the deal as quickly as next week, the people said.
Not the only business that offloads a Malaysian supermarket chain is the Singapore-based buyout agency. The Teng family and the Asean Industrial Growth Fund are working with a consultant to sell more than US$200 million to Jaya Grocer. It is the largest high-end supermarket chain in the world, Bloomberg News reported in October.
According to the individuals, KV Asia reached out last year to potential buyers of TF Value Mart. Furthermore, according to a company release, the private equity group, along with local and foreign partners, bought a majority stake in TF Value Mart in 2016.
Moreover, TF Value Mart operates a chain of 36 hypermarkets in Peninsular Malaysia across eight states. It is includes selling fresh produce, grocery goods and general merchandise.
There are ongoing deliberations and there is no guarantee that an agreement can proceed, the people said. A KV Asia delegate and an external ICG spokesperson declined to comment. A spokeswoman for Rippledot was unable to comment immediately.
More Information About:
- Tesla Stock Market Value Accelerates Past US$500 Bil
- YouTube Bans Far Right-Wing US News Channel
- Covid-19 Vaccination Needed Before Flying
Comments