New York, July 10 (FinanceEnquiry.com) – Mamee Double Decker Bhd, the Malaysian company with interests in the manufacturing, marketing and distribution of snack foods, beverages and other products is looking for bidders to sell its minority stake.
The anonymous sources informed that the Malacca-based company hired Rothschild for the sale of about a 40 percent stake and is seeking at least $100 million.
The company’s CEO, Pang Tee Chew’s family took Mamee private last year at a price of 179.8 million ringgit ($57 million). Mamee, was incorporated in 1971.
Mamee’s profit slipped to 3.54 million ringgit in the quarter ended Sept. 30, 2011 from 12.2 million ringgit a year earlier.
Companies like, PepsiCo Inc (NYSE: PEP), Kirin Holdings Co Ltd (2503) and Lotte Confectionery Co, as well as private equity funds like Carlyle Group LP (NASDAQ: CG) and Blackstone Group LP (NYSE: BX) can be invited by company’s advisers to bid for the stake. First-round offers are due next week.
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