US-based Carlyle Group and Luxembourg-based CVC Capital Partners are believed to be the front runners in the race to acquire Trendcell Sdn Bhd, the owner and operator of high-end supermarket chain Jaya Grocer, say sources, after outbidding at least two other offers.
It is learnt that the two private equity firms are negotiating to buy a part of, a majority, or the entire supermarket business of Trendcell, which rang up RM1.32 billion in sales in 2020, for as much as RM1.1 billion.
The sale, if successful, will mark the exit of Asean Industrial Growth Fund (AIGF), which purchased a 45% stake in Trendcell in May 2016 for a reported RM300 million. Businessman Teng Yew Huat is the other major shareholder of Trendcell.
MACC officer: Charity Yayasan Akalbudi s money used to pay Zahid s, wife s RM1 3m credit card bills; RM107,000 vehicle insurance, road tax | Malaysia
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Zahid used almost RM1 5mil from Yayasan Akalbudi for personal expenses, court told
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Firms that paid
Zahid had no
business activities
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