Tycoon Geminder Is Said to Weigh Sale of Asia Businesses

(Bloomberg) — Australian businessman Raphael Geminder is considering selling his packaging company’s Asian operations, according to people with knowledge of the matter.

Dynapack Asia and Pact Group Holdings Ltd. are working with a financial advisor and reaching out to potential investors, including private equity firms and other packaging firms, said the sources, who asked not to be named because the talks are private. Sources said a deal could value the total Asian operations at around $1 billion.

Geminder, the brother-in-law of Anthony Pratt, Australia’s fourth richest person, owns 50% of Dynapack Asia. The owners of the other half of the company are also considering joining him in the potential sale, sources said. They added that talks are ongoing and may not result in a transaction.

Dynapack Asia and Pact Group did not respond to requests for comment.

Dynapack Asia was founded in 1959 by Soebekti Hambali, who passed away on New Year’s Eve 2022 at the age of 97. Geminder Holdings Pty acquired a 50% stake in the Indonesian company in 2011, while the remainder belongs to entities controlled by the Hambali family. Geminder is the president of Dynapack Asia, and according to the company’s website, its CEO is Tirtadjaja Hambali, known as “Plastic Man” in Indonesia.

Dynapack Asia produces packaging and components, including bottles, jars, tubes and molded parts for industries such as personal and baby care, food and beverage, household cleaning and pharmaceuticals. Its clients include Coca-Cola Co., Johnson & Johnson, Procter & Gamble Co., Shell Plc and Unilever Plc, and it has offices in Jakarta, Bangkok and Singapore.

Geminder founded Pact Group in 2002. The company was delisted from the Australian Securities Exchange in July and said in a filing that it would continue to review its Asian packaging and capping business, including a possible liquidation. The group’s net debt as a whole rose 18.4% last financial year to around A$496 million (US$328 million), according to the filing.

–With help from Rebecca Jones.

(Updates with more information about Dynapack Asia operations. An earlier version of this story corrected the spelling of Procter & Gamble in the sixth paragraph.)

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