Ajinomoto-Backed Promasidor Said to Mull $1.5 Billion Sale

Promasidor Holdings Ltd., an African food and drinks group backed by Japanese seasoning giant Ajinomoto Co., is exploring a sale, people familiar with the matter said.

The company is working with an adviser to gauge interest from potential buyers, the people said, asking not to be identified discussing confidential information. A sale may value Promasidor at about $1.5 billion, the people said.

Deliberations are in the early stages and Promasidor could decide against a sale if interest is muted, according to the people. Ajinomoto has made no decisions on its stake in Promasidor, a spokesperson for the Japanese ...