The shareholders of Massar Solutions PJSC are working with HSBC Holdings Plc to explore a potential sale of the Abu Dhabi-based car fleet manager, according to two people with knowledge of the plan.

Massar may fetch at least $500 million in the event of a full sale, the people said, asking not to be identified as the information is private. The shareholders have reached out to potential bidders and a formal bidding process will probably start soon, the people said. A sale process will draw interest from both private-equity and strategic bidders, the people said.

Massar postponed an initial public offering this year after a shortage in investor demand. Its shareholders had planned to sell 40 percent of the company through an IPO, or 240 million shares, at 2.40 dirhams apiece in what would have been the first offering since 2011 on Abu Dhabi’s bourse. The company then asked banks to submit proposals to manage a possible stake sale, people familiar with the matter said at the time. The owners may still opt for a partial sale depending on the bids it receives, the people said.

Massar provides vehicle fleet management, rental and supply chain solutions to industrial and commercial clients in United Arab Emirates. It owns and operates a fleet of 9,755 vehicles and manages another 6,755 for third-party clients, according to its website. The company is 51 percent owned by Abu Dhabi Investment Co. and the rest is held by Abu Dhabi National Energy Co., the government-owned oil and gas producer, also known as Taqa.

Representatives for Massar, HSBC and Taqa declined to comment. Abu Dhabi Investment Co. didn’t immediately return e-mails and calls seeking comment.

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