(Bloomberg) -- The two main owners of PT Austindo Nusantara Jaya are considering selling their stakes in the palm-oil producer and seeking a valuation of $400 million to $500 million, according to people familiar with the matter.

Financial advisers have been asked to submit proposals for the possible sale of the Jakarta-listed company known as ANJ, the people said, asking not to be named as the matter is private.

The shareholders are PT Austindo Kencana Jaya and PT Memimpin Dengan Nurani, which both own 40.9% in ANJ, according to data compiled by Bloomberg.

ANJ’s shares had fallen about 6% this year through Wednesday. They jumped as much as 19% Thursday following the Bloomberg News report, the most since November 2021. The company now has a year-to-date gain of 5.4% and a market value of 2.65 trillion rupiah ($169 million). 

Deliberations are ongoing and the shareholders could decide against pursuing a sale, the people said. 

A representative for ANJ said the company was unaware of the matter and hasn’t received information on any decision about selling. The two major shareholders couldn’t be reached. 

ANJ had a land bank of more than 150,000 hectares as of the end of 2022, about a third of which was planted, according to its website. Mature oil palms cover 86% of the planted area. ANJ was established in 1993 as Austindo Teguh Jaya and changed its name to ANJ five years later. It was listed on the Indonesia Stock Exchange in 2013.

The Indonesian company also cultivates sago and edamame, and it has a biogas plant for its renewable energy operations.

--With assistance from Fathiya Dahrul.

(Updates with share price move in fourth paragraph.)

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