(Bloomberg) — The owner of PT Mark Dynamics Indonesia is weighing a sale of its controlling stake in the hand-former maker, according to people with knowledge of the matter.
Tecable (HK) Co., which holds about 78.8% in the Jakarta-listed firm, is working with an adviser on the potential stake sale, the people said. Bids are due as early as this month, the people said, asking not to be named as the process is private. The asset could attract private equity firms and companies in Malaysia and China, one of the people said.
Tecable’s stake is valued at about $233 million, based on the closing price on Thursday.
Deliberations are at an early stage and Tecable could decide against any deal, the people said. A representative for Tecable couldn’t be reached for comment. Ridwan Goh, president director for Mark Dynamics, said in a text message that he’s not aware of the shareholder’s plan.
Mark Dynamics, founded in 2002, is the world’s largest maker of hand-formers by production capacity, according to its website. Hand formers are used as molds for making gloves. The company produces 610,000 units of hand formers each month with its main factory located in Tanjung Morawa in Deli Serdang. It was listed in Jakarta in 2017.
Shares in Mark Dynamics have jumped about 142% in the past 12 months, rising alongside glove makers such as Malaysia’s Top Glove Corp. and Hartalega Holdings Bhd. as the coronavirus pandemic drove demand for gloves.