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Navis Capital Mulls Sale of King’s Safetywear

Malaysia-based private equity fund Navis Capital is considering selling Singapore industrial safety shoemaker King’s Safetywear, Reuters reported Monday. The company – which makes industrial safety footwear – could fetch and estimated $300 million to $500 million, according to Bloomberg. Navis, run by former executives of Boston Consulting Group, took King’s Safetywear private in December 2008 for S$95 million ($74 million), Reuters wrote.

(Reuters) – Malaysia-based private equity fund Navis Capital is mulling the sale of Singapore industrial safety shoemaker King’s Safetywear, a source with direct knowledge of the matter said.

The asset could fetch between $300 million and $500 million, Bloomberg reported last week, citing sources.

King’s Safetywear has more than 50 percent share of the industrial safety footwear market in Singapore, Malaysia and Indonesia, according to its website.

Navis, run by former executives of Boston Consulting Group, took King’s Safetywear private in December 2008 for S$95 million ($74 million), according to media reports at the time. King’s was previously listed on the Singapore stock exchange.

Navis declined comment. The source declined to be identified as the discussions were private.

The private equity fund last year raised $1.2 billion in a new fund, Navis Asia Fund VI, to invest in Asian companies. . ($1 = 1.292 Singapore dollars) (Reporting by Stephen Aldred; Editing by Denny Thomas and Vinu Pilakkott)