SINGAPORE: Shareholders of Singapore’s TS Group are considering a sale of a controlling stake in the company in a potential deal valued at S$500 million or more, Bloomberg reported, citing sources familiar with the matter.
The sources added that TS Group co-founders Shamkumar Subramani and Tome Oh, together with Dymon Asia Private Equity, are working with a financial adviser on the possible divestment. They may soon approach prospective bidders, including private equity firms and other industry players, the sources said.
Deliberations are ongoing, and the shareholders may decide not to proceed with a sale.
TS Group, its co-founders, and Dymon Asia did not respond to requests for comment.
The Singapore-based provider of purpose-built foreign worker dormitories was founded in 2009. The company also has projects in Malaysia and Thailand and has expanded into co-living and co-working spaces. /TISG
