Baring group looks to exit Singapore-based Courts Asia

The Baring-backed subsidiary, Asia Retail Group, wants to exit Courts' 10 stores in Singapore and 52 in Malaysia, and a deal may be finalized in the coming weeks. According to Bloomberg, the auction is expected to generate interest from regional and global retail brands as well as private equity groups. HSBC and BNP Paribas have been hired to manage the sale.

Asia Retail Group first acquired a 54.2% stake in Courts in 2007 for S$56.2 million, and purchased the remaining stake in 2008. Courts was previously listed on both the Singapore and Malaysian stock exchanges before its privatization. In May of last year, Asia Retail Group sought to re-list Courts Asia in Singapore for S$150 million, but canceled the process later that year due to market volatility. Asia Retail also tried exiting the company in 2009 for $300 million, but was unable to find buyers at that price.

Asia Retail Group is a joint venture comprised of Baring Private Equity through its third fund and Kuwaiti group Topaz Investment Worldwide.

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• Topics
• Southeast Asia
• Exits
• Consumer
• Baring Private Equity Asia
• Singapore
• Malaysia
• Consumer
• Exit