UEM, an infrastructure and services conglomerate, is working with financial advisors on the potential sale of Cement Industries of Malaysia Bhd (CIMA), said the source, who asked not to be identified as the process is private.

UEM is seeking a valuation of about RM1 billion for CIMA and companies in the industry have shown interest, the source said.

Deliberations are at an early stage and UEM could decide not to proceed with the divestment, the source added. A representative for UEM declined to comment.

Founded in 1975, CIMA sells cement and ready-mixed concrete, and has been involved in iconic projects in Malaysia ranging from expressways to bridges and railroads, its website shows. The company was taken private and delisted from Bursa Malaysia in 2008 by UEM, according to a stock exchange filing.

UEM started as a construction company and evolved into a conglomerate focused on expressways, township and property development, engineering and construction and asset and facility management, its website shows.