The owner of Singaporean instant beverage maker Viz Branz Pte agreed to sell a majority stake to the biggest private equity and alternative asset manager in the Middle East.

Bahrain-based Investcorp Holdings BSC said Monday that controlling shareholder Ben Chng will retain “a significant ownership stake” in the company but disclosed no other details, according to a statement, which confirmed an earlier Bloomberg News report.

Chng, who is also the chief executive officer, was planning to sell a 51% stake in a deal that would give the company an enterprise value of as much as $500 million, according to people familiar with the matter, who asked not to be identified as the process is private.

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