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Bloomberg
Asian buyout firm Navis Capital Partners is exploring a sale of premium supermarket chains in Malaysia, which could be worth about 1 billion ringgit ($248 million) according to people with knowledge of the matter.
The firm is asking banks to submit proposals on the potential divestment of The Food Purveyor Sdn, the vehicle that owns the Village Grocer and Ben’s Independent Grocer supermarkets, said the people.
The Kuala Lumpur-based firm bought a majority stake in The Food Purveyor, then known as Village Grocer
Holdings Sdn, in 2014, according to the retail company’s website.
Deliberations are ongoing and there is no certainty that Navis will proceed with a transaction, the people said, asking not to be named as the information is private. A representative for Navis declined to comment.
A representative for The Food Purveyor did not respond to requests for comment.
Deal activity around supermarkets in Malaysia has picked up in the past year as the sector has been resilient throughout the coronavirus pandemic.