Chandra Asri to Acquire Jardine Cycle & Carriage's Malaysia and Singapore Dealerships for S$265 million

Chandra Asri Pacific, controlled by Indonesian tycoon Prajogo Pangestu, agreed to acquire the car dealership business of Jardine Cycle & Carriage in Malaysia and Singapore for S$265 million, its first foray into the automotive sector. The acquisition will complement Chandra Asri Group's energy assets in Singapore, where it recently bought Shell's refinery and Esso's fuel retail network. The deal remains subject to approvals from Jardine Cycle & Carriage's partners and standard closing conditions.

Erwin Ciputra, president director and CEO of Chandra Asri, described the purchase as a milestone in the group's shift toward regional energy, chemicals, infrastructure and mobility solutions. Jardine Cycle & Carriage, part of the Keswick-family Jardine Matheson Holdings, will use the sale proceeds to pay down debt and focus on Indonesia and Vietnam. The transaction adds brands such as Mercedes-Benz, Kia and Mitsubishi to Chandra Asri's portfolio, while also giving it access to used-car and EV leasing operations.