The conglomerate is working with an adviser to sell Boustead Petroleum Marketing Sdn Bhd, also known as BHPetrol, they said.

Oil and gas companies as well as investment firms have shown interest in the deal, the people said, asking not to be identified as the process is private.

BHPetrol, founded in 2006, has a network of about 400 retail service stations located throughout Peninsular Malaysia, its website shows. The company sells premium grade fuel and petroleum products as well as liquefied petroleum gas and lubricants.

The move comes after Boustead, whose backers include the armed forces pension fund (LTAT), bought out the other shareholders of BHPetrol recently.

Deliberations are ongoing and Boustead could still decide not to pursue a sale, the people said.

LTAT taking Boustead private

As Boustead is currently in the process of delisting, its full focus is on fulfilling regulatory requirements and obligations to stakeholders, a spokesperson for the company said in response to a Bloomberg News query.

Boustead will continually evaluate its investments and operations and will make any pertinent announcements, the spokesperson added. A representative for LTAT declined to comment.

The pension fund holds 97.6% of the conglomerate’s shares, and will suspend trading from June 20, after which it will proceed with delisting, according to a previous stock exchange announcement.

Boustead is one of Malaysia’s oldest conglomerates, tracing its roots to 1828, according to its website. Its businesses include palm oil plantations, property development, pharmaceuticals, shipbuilding and other heavy industry, and finance.