Photo: Bloomberg

Private equity firm ShawKwei & Partners is reviving a sale of precision manufacturer Beyonics Technology, according to people familiar with the matter.

The buyout firm started the sale process last year but put it on hold later, said the people, who asked not to be identified as the information is private. ShawKwei & Partners has recently resumed working with Morgan Stanley and has reached out to private equity firms and others in the technology sector to gauge their interest, the people said. Non-binding bids are expected to be submitted this summer, they added.

The company was looking to raise as much as US$300 million ($397.22 million) to $400 million in a disposal of Beyonics, Bloomberg News reported in November. The valuation of a deal could be higher as the precision manufacturer’s business has been doing better this year, one of the people said.

Deliberations are at an early stage and ShawKwei & Partners could decide to keep the business, the people said. Representatives for the buyout firm and Morgan Stanley declined to comment.

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Singapore-based Beyonics, founded in 1981, pivoted away from making hard disk drive components in an overhaul focusing on higher margin businesses. It now develops advanced electronic and mechanical devices for health care, automotive and technology sectors, according to its website. While Singapore and Malaysia host the majority of its precision manufacturing capacity, it also has production sites in Thailand and China.

Beyonics, previously known as Uraco Precision Engineering, was listed on Singapore’s stock exchange in 1995. In 2012, ShawKwei & Partners took it private in a $127 million deal.