The foreign owners of a leading Chinese food processing company are to consider a sale, emphasising intense interest by private equity funds to exit investments due to strong Asian market performance.
People close to the situation said China Minzhong, the food company, was delivering annual earnings before tax of about $60m and could be worth more than $700m.
China Minzhong is majority-owned by the private equity arm of the Government of Singapore Investment Corporation and Olympus Capital, a US fund. It has appointed JP Morgan to advise on a possible sale, say people familiar with the situation. All declined to comment.
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