'Mamee seeks bidders for minority stake'

Malaysia’s Mamee Double Decker Bhd, a snacks maker that delisted from
the Kuala Lumpur stock exchange in January, is seeking bidders for a
minority stake, said two people with knowledge of the matter.


The Malacca-based company, owner of brands including Mister Potato
and Mamee Instant Noodle, hired Rothschild for the sale of about a 40
percent stake and is seeking at least US$100 million, said the people,
who asked not to be named as the process is private.


Mamee, led by Chief Executive Officer Pang Tee Chew, was
incorporated in 1971, according to its website. Pang’s family last year
took Mamee private in a RM179.8 million (US$57 million) deal.


The privatization offer represented an estimated price-to- earnings
ratio of 12 times, according to a research report by Inter-Pacific
Research Sdn Bhd in April last year.



Mister Potato, a brand of potato crisps and chips,
signed a sponsorship deal with soccer club Manchester United Ltd. in
August 2011. Mamee’s profit slipped to RM3.54 million in the quarter
ended Sept. 30, 2011 from RM12.2 million a year earlier, data compiled
by Bloomberg show.


The company’s advisers may invite companies including PepsiCo Inc,
Kirin Holdings Co Ltd and Lotte Confectionery Co, as well as private
equity funds like Carlyle Group LP and Blackstone Group LP to bid for
the stake, the people said. First-round offers are due next week, they
said.


Pang was traveling and unavailable to comment, said a person who answered the phone at Mamee’s head office today. -- Bloomberg

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