The owner of Singaporean instant beverage maker Viz Branz Pte is nearing an agreement to sell a majority stake in a deal that would give the company an enterprise value of as much as S$500 million ($372 million), according to people familiar with the matter.
Controlling shareholder Ben Chng, who is also the chief executive, is planning to sell a 51% stake to Bahrain-based private equity firm Investcorp Holdings BSC, the people said. Chng is working with advisers on the plan, the people said, asking not to be identified as the process is private.
Discussions are ongoing and the parties could decide not to proceed with the transaction, said the people. A representative for Viz Branz did not immediately respond to requests for comment. A representative for InvestCorp could not immediately comment.
Chng took Viz Branz private in 2013 from the Singapore stock exchange in a deal that valued the company at S$289 million, according to data compiled by Bloomberg.
Viz Branz, founded in 1988, manufactures and distributes cereal and instant beverage products in China and Southeast Asia under brands including Gold Roast and Cafe 21. It has manufacturing facilities in China, Singapore and Myanmar, and 74 distributors and 12 sales offices in 17 provinces in China, its website shows.