SINGAPORE (BLOOMBERG) - The controlling shareholders of mainboard-listed CWT Ltd. are exploring a sale of their stakes in the logistics company, people with knowledge of the matter said.

The parties are working with investment banks and could reach out to potential buyers in the next few months, the people said, asking not to be identified as the process is private.

Under Singapore listing rules, a purchase of their stakes would trigger a general offer for the rest of CWT, which has a market value of $1.3 billion.

CWT, founded in 1970, currently employs about 6,000 people and offers services including commodity logistics, freight forwarding, warehousing and defense procurement. It also controls MRI Group Pte, a trader of base metals and petroleum products, and helps manage Cache Logistics Trust, which owns warehouses in Singapore, Australia and China.

Loi Kai Meng, CWT's chairman, controls 49.6 per cent of the company, according to its annual report. Some of his shares are held through C&P Holdings Pte, which he jointly owns with CWT director Liao Chung Lik and businessman Lim Soo Seng. Chief executive officer Loi Pok Yen, who is the chairman's son, holds a 5.4 per cent stake, the annual report shows.

Shares of the company have risen 38 per cent this year, outpacing the 0.1 per cent increase in the benchmark Straits Times Index. A representative for CWT didn't respond to e-mails seeking comment.

CWT's net income increased 6 per cent last year to $112.4 million, as revenue jumped 67 per cent to $15.2 billion.

The company shares were trading up 5 cents, or 2.27 per cent, at $2.25 at about 11am on Wednesday.