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Bloomberg
Shareholders of Honworld Group Ltd are exploring a sale of the Chinese soy sauce maker, which sells products under the “Lao Heng He†brand, people with knowledge of the matter said.
Owners are working with an adviser on a possible sale of more than 49 percent of the Hong Kong-listed firm, said the people, who asked not to be identified because the information is private. The adviser reached out to potential buyers including China’s Foshan Haitian Flavouring & Food Co and Hong Kong’s Lee Kum Kee Co, the people said.
Any deal would add to the $18.3 billion of announced acquisitions of Asia-based food companies over the last 12 months, data compiled by Bloomberg show.
Japanese seasoning company Ajinomoto Co last November sold Amoy Food Ltd, a century-old firm that makes Hong Kong’s most popular soy sauce, to Citic Capital Holdings Ltd.
Deliberations are at an early stage, and the shareholders of Huzhou-based firm could still decide against a sale, the people said.