China-based private-equity house Trustar Capital has hired banking advisors to handle a possible sale of its Amoy soy-sauce business.

According to Reuters, Citigroup has been appointed to run the process.

The report, based on three unnamed sources, comes a month after Bloomberg said Trustar Capital was weighing up whether to sell a business it has owned since 2019.

One of Reuters’ sources said Amoy could fetch between $300m and $400m. Last month, Bloomberg’s sources said Trustar was looking for a bid of around $300m.

Trustar acquired the business four years ago from Japan-based food major Ajinomoto. It was previously owned by French food giant Danone, which sold it for around €190m ($205.4m) in 2006.

Amoy’s products range from oyster sauce to dim sum and it also has a frozen-product range. The 115-year-old company sells into retail and foodservice channels in Hong Kong and has a production plant in Tai Po in the north of the city. It exports to over 40 markets including Japan, Australia, the US and the UK.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData