Nestle has remained tight-lipped over reports that the company is preparing to sell its Australian ice cream business. 

According to local reports, the world’s largest food maker has appointed JP Morgan to advise it over the sale of Nestle Peters, with is expected to raise in the region of A$330m (US$343.2m). 

The unit owns various brands, including Drumstick, Monaco Bar, Connoisseur, Frosty Fruits, Heaven and Skinny Cow . In 2011, Nestle Peters booked earnings of almost A$25m. 

A spokesperson for Nestle Australia told just-food the company does not comment on market rumours “as a matter of principle”.