The buyout firm is working with an adviser on the potential deal, the sources said.

Kuala Lumpur-based Orkim has drawn interest from companies in the industry and financial sponsors, the people said, asking not to be identified as the process is private.

“Deliberations are ongoing and Ekuinas could decide not to proceed with a sale, they said.

Representatives from Ekuinas and Orkim declined to comment, said Bloomberg.

Orkim started as a shipbroker in 2004 and became a shipowner five years later after taking delivery of its first vessel, according to its website. Ekuinas bought the 95.5% stake in Orkim in 2014.

It is the only company in Malaysia to secure long-term contracts from state-owned oil corporation Petroliam Nasional Bhd (Petronas) and Shell Plc for Clean Petroleum Products’ domestic sea transportation.

Orkim has a fleet of 18 vessels with an average age of 10 years and total tonnage of 153,637 deadweight tonnes.

Ekuinas was set up in 2009 to promote equitable and sustainable wealth creation and economic participation for bumiputeras, according to its website.

Its portfolio of investments include oil and gas services provider Icon Offshore Bhd, sportswear retailer Al-Ikhsan Sports Sdn Bhd, internet hosting solutions company Exabytes Capital Sdn Bhd, and pharmaceutical and supplement product distributor Medispec (M) Sdn Bhd.

It also has a couple of educational institutions in its stable – Unitar International University and Cosmopoint College.