AXA's Hong Kong wealth management unit is expected to be valued at about $500 million.
PE firm Abraaj Group is learnt to be is participating in the new Series C round.
Suitors for the oil business have already signed non-disclosure agreements.
Under the reorganisation, the investment holding function and the Malaysian airline business will be separated.
Mitsui will buy First Capital, the largest non-life insurer in Singapore, from Canada's Fairfax.
The private equity firms have hired an adviser to find a buyer for their combined stake of nearly 69 percent in Solusi Tunas Pratama Tbk PT (STP).
The deal is a likely first consolidation in Singapore's $3.5 billion mid-cap industrial trusts sector.
Equis owns a portfolio of 97 projects comprising solar, wind and hydro generation assets.
IPOs & Markets
The total amount raised via IPOs in Singapore this year has already hit about $2 billion.
Temasek betting on unlisted firms; CIC expanding US direct investments.
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