Trustar hires Citi to sell soy sauce maker Amoy -sources

Ajinomoto Co

19/05/2023 08:44

By Kane Wu
       HONG KONG, May 19 (Reuters) - Chinese private equity
firm Trustar Capital has hired Citigroup  C.N  to manage a sale
of Hong Kong-based soy sauce maker Amoy Food Ltd, three people
with knowledge of the discussions said.
    Established in Xiamen in Southern China's Fujian province,
Amoy sells its products, which also include rice noodle rolls
and congee, to both food services and retail customers across
over 40 countries, its website shows.
    Citi is preparing to launch a formal sale late next month,
one of the sources told Reuters, adding that the valuation of
the 115-year-old soy sauce brand is still being discussed.
    A deal for Amoy could fetch $300 million to $400 million,
said the second source. All the sources declined to be
identified as the information is confidential.
    Trustar and Amoy did not immediately respond to Reuters
request for comment. Citi declined to comment.
    Trustar, which was formerly known as CITIC Capital,
completed its acquisition of a controlling stake in Amoy in
February 2019 from Japan's Ajinomoto Co Inc. The transaction
amount was not disclosed.

 (Reporting by Kane Wu; Editing by Sumeet Chatterjee and
Alexander Smith)
 ((kane.wu@thomsonreuters.com; +85228436590; Reuters Messaging:
kane.wu.thomsonreuters.com@reuters.net))