The controlling shareholder of Sido Muncul, Indonesia’s largest herbal medicine producer, is evaluating a potential sale of a minority stake. The family-owned conglomerate, famous for its Tolak Angin tonic, has hired financial advisors to explore investor interest. A deal could value the company at over $1 billion, according to people familiar with the matter.

A transaction would provide the holding family with fresh capital to expand manufacturing and distribution networks across Southeast Asia. Sido Muncul dominates the local jamu market, but faces growing competition from modern consumer goods giants. Selling a stake to a strategic partner could also unlock new export channels and operational expertise for the decades-old brand.

Bidding is expected to draw interest from regional private equity firms and multinational health product companies. The owners remain undecided and may opt for a smaller private placement instead of a full block trade. Market watchers will monitor regulatory filings and any formal announcement from the company’s board in the coming weeks.