The report comes after stock exchange filings showed RGE's managing director Belinda Tanoto, the daughter of Tanoto, has built a 7% stake in Hong Kong-listed Vinda via Beaumont Capital Fund in recent weeks.

Shares of Vinda have dropped 15.2% year-to-date, giving it a market capitalization of nearly $3 billion, LSEG data shows.

Beaumont Capital and RGE are separate entities, according to two sources with knowledge of the matter. A Beaumont spokesperson told Reuters that Beaumont Capital is an investment holding company owned by Belinda.

"Beaumont Capital Fund Ltd is an investment holding company which seeks to invest across a range of asset classes and sectors, in both private and public markets," the Beaumont spokesperson added.

RGE said it declined to comment on market speculation.

The entry of Beaumont Capital as a shareholder in Vinda comes amid a bidding process for Sweden's Essity's 52% stake in the company.

The sale process has drawn bidders including Brazilian pulp maker Suzano and private equity firms Bain Capital, CVC Capital Partners and DCP Capital.

Founded by Tanoto in 1973, RGE has grown to become a group of resource-based manufacturing companies in businesses ranging from pulp and paper to energy with more than $30 billion in assets and 60,000 employees, according to its official website.

(Reporting by Yantoultra Ngui in Singapore and Roxanne Liu in Beijing; editing by David Evans)