(Bloomberg) -- Jardine Matheson Holdings Ltd. is exploring options including a sale of its roughly 28% stake in Hong Kong-listed Greatview Aseptic Packaging Co. amid interest from potential investors, according to people familiar with the matter.

The conglomerate is working with JPMorgan Chase & Co. on a strategic review for its shares in Beijing-based Greatview, the people said, asking not to be identified because the information is private. Other options could include a broader strategic partnership, which may help boost synergies in areas such as sourcing of raw materials, the people said.

Greatview’s stock has dropped about 30% in the past year, giving it a market value of about HK$3.8 billion ($490 million), according to data compiled by Bloomberg.

Considerations are preliminary and there’s no certainty a review will lead to any transaction, the people said. A representative for JPMorgan declined to comment, while Jardine didn’t immediately respond to requests for comment.

Greatview makes packaging for dairy, juice and beverage producers in more than 50 countries, according to its website. Its headquarters are located both in China and Switzerland, and has production facilities in China and Germany. 

In 2005, CDH Investments became the company’s first major investor. A year later U.S.-based Bain Capital also joined as a shareholder. Jardine, one of Hong Kong’s last remaining British trading houses with businesses ranging from property, automotive and retail to restaurants and hotels, acquired a minority stake in Greatview back in 2017.

Asian packaging businesses have attracted interest from investment funds recently. Carlyle Group Inc. and Primavera Capital are among the shortlisted bidders for Baring Private Equity Asia’s Chinese packaging business HCP, Bloomberg News has reported.

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