HeidelbergCement AG is looking to sell its Malaysian assets for US$400m to US$500m, according to banking sources.
An information memorandum recently went out and bids were said to have come in from private equity sponsors and strategic investors, the sources told Reuters.
Financial adviser Standard Chartered Bank is providing a staple financing for the debt portion of the deal.
The company is loaded with debt from its 2007 takeover of British rival Hanson, and is looking to sell assets worldwide.
Last month, HeidelbergCement completed an €8.7bn loan restructuring, extending its debt to December 2011, giving it time to overhaul its strained finances.
Commerzbank, Deutsche Bank, Nordea Bank and Royal Bank of Scotland (RBS) arranged the refinancing.
At the time the deal was completed in mid-June, the company said it would continue to pursue a two- to three-year programme of divesting non-strategic businesses.