Japfa Ltd. is weighing a sale of its Indonesian dairy unit and could seek as much as US$500 million ($684.56 million) from the deal, according to people with knowledge of the matter.

The Singapore-listed industrial agri-food company has started a sale process for PT Greenfields Indonesia and is working with an adviser on the transaction, said the people, who asked not to be identified as the process is private. Japfa has shortlisted several suitors and is inviting them to submit binding bids, they said.

Deliberations on the planned sale are still ongoing and there is no certainty that Japfa will proceed with the transaction, the people said.

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