Jardine Matheson Holdings is exploring options to sell its stake of 28% in Greatview Aseptic Packaging Co., listed on the Hong Kong stock exchange, amidst interest from various investors.
Jardine is working with JPMorgan Chase on a strategic review of the value of its shares in the Beijing-based Greatview, according to people who asked not to be identified as the matter is still confidential. Other options include strategic partnership on a broader scale that may help in boosting synergies, such as sourcing raw materials.
The consideration is still preliminary, and there is no certainty that the transaction may happen after the review. JPMorgan representative declined to comment, whereas Jardine’s spokesperson has not yet responded to the request.
The shares of Greatview increased by 6.4% Thursday in Hong Kong, the biggest intraday gain in nearly a month, giving it a market capitalization of $506 million. The stock had lost around 27% in 2021. Jardin’s share rose by 1.6% in Singapore, the maximum in two weeks.
Greatview is a producer of packaging of juice, beverage, and dairy products manufacturers in more than 50 countries as per information on its website. It has headquarters in Switzerland and China and production facilities in Germany and China.
The first significant investor of Greatview was CDH investment in 2005. U.S.-based Bains Capital joined as shareholders the following year. Jardine, which trades in business ranging from automotive, retail, properties, restaurants, and hotels, is the last British trading house remaining to acquire a minority shareholder stake in 2005.
Investment funds have shown interest lately in Asian packaging businesses. As per Bloomberg News, Primavera Capital and Carlyle Group Inc. are the bidders shortlisted for HCP, a Chinese packaging company owned by Barings Private Equity.
