TS Group owners weigh sale of S$500 million controlling stake in Singapore dormitory firm: sources

[SINGAPORE] Shareholders of TS Group, a Singapore-based provider of purpose-built foreign worker dormitories, are considering selling a controlling stake in the business in a deal that could be worth at least S$500 million, according to people with knowledge of the matter.

Dymon Asia Private Equity and TS Group co-founders Shamkumar Subramani and Tome Oh are working with a financial adviser on the potential divestment, the people said, asking not to be identified because the deliberations are private.

They may reach out to prospective bidders such as private equity firms and other industry players soon, the people said. Deliberations are ongoing and the shareholders might decide not to sell.

TS Group, its co-founders and Dymon Asia did not respond to requests seeking comment.

Founded in 2009, TS Group develops and operates large-scale communities for foreign workers and the elderly, according to its website. It also has projects in Malaysia and Thailand and has expanded into co-living and co-working spaces. BLOOMBERG