(Bloomberg) -- Masan Group Corp., a Vietnamese conglomerate, is exploring options for its animal feed unit that could include selling a stake to a strategic partner, according to people familiar with the matter.The company is working with advisers to weigh introducing fresh investment in the business, which is currently held under its listed Masan MeatLife Corp. unit, said the people, who asked not to be named as the information is private. It is seeking to raise as much as $1 billion from a deal, they said.Masan is also mulling a possible initial public offering for the animal feed unit, one of the people said. The company’s management believes Masan MeatLife is under-appreciated by the market, the person said.Deliberations are at an early stage and may not lead to any transaction, said the people. A representative for Masan Group declined to comment.Shares in Masan MeatLife closed up 6.5% on Thursday, their highest level since the end of Jan. 2020, giving the unit a market value of $865 million.A $1 billion deal would be Vietnam’s biggest since 2017, when Vietnam F&B Alliance Investment JSC bought 54% of Saigon Beer Alcohol Beverage for $4.4 billion, according to data compiled by Bloomberg.Masan Group is controlled by Vietnamese tycoon Nguyen Dang Quang. Founded in 1996, the Ho Chi Minh City-based firm is best-known for its fish sauce which it sells under brands including Chin-Su and Nam Ngu, according to its website. It has interests in retailing and mining as well as a stake in Vietnam Technological & Commercial Joint-Stock Bank, commonly known as Techcombank.Masan MeatLife is one of the largest fully-integrated feed-farm-food business platforms in Vietnam, its website shows. In 2015 the company merged its two animal feed businesses, Anco and Proconco, and three years later began selling fresh, chilled meat under the MeatDeli brand.(Updates with Masan MeatLife share price in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.