Chandra Asri Pacific, an Indonesian petrochemical and energy group, has agreed to purchase Jardine Cycle & Carriage’s automotive businesses in Singapore and Malaysia. The deal covers automotive distribution, retail operations, and related trademarks across Singapore, Malaysia, and Myanmar and is valued at about S$265 million (US$208 million) [1, 2, 3].
The automotive brands involved include Mercedes-Benz, Kia, and Mitsubishi in Singapore. In Malaysia, Jardine Cycle & Carriage operates Mercedes-Benz dealerships with 11 sales and after-sales facilities [2, 3]. Jardine Cycle & Carriage has operated in automotive distribution and retail in the region since 1899 [3].
The sale proceeds are earmarked to reduce Jardine Cycle & Carriage’s corporate net debt. The disposal is expected to generate an estimated gain of about S$280 million (US$221 million) based on the group’s first-half 2026 financials. The transaction is forecast to raise Jardine Cycle & Carriage’s net tangible asset per share by 2.4% and increase reported earnings per share by 20.8%. However, underlying earnings per share excluding non-trading items would decline slightly by 3.9% [2].
Jardine Cycle & Carriage said the deal allows it to crystallize value from Cycle & Carriage while focusing on core markets Indonesia and Vietnam. “The proposed transaction enables Jardine C&C to crystallise value from the Cycle & Carriage business as we focus on our core markets of Indonesia and Vietnam and deliver a positive outcome for shareholders,” the company said in a statement [3].
Chandra Asri has been growing its presence in Singapore, acquiring Esso’s fuel retail network and earlier Shell’s refinery and petrochemical assets there. The group’s shareholders include Barito Pacific, SCG Chemicals Public Company, and Thai Oil Public Company. Indonesian tycoon Prajogo Pangestu controls Chandra Asri [1, 2, 3].
Erwin Ciputra, president director and CEO of Chandra Asri, said the acquisition of Cycle & Carriage marks “another important milestone in Chandra Asri Group’s transformation into a leading regional energy, chemicals, infrastructure, and mobility solutions provider” [3].
The transaction is subject to approvals from Jardine Cycle & Carriage’s partners and customary conditions [3]. Jardine Cycle & Carriage announced entering the conditional agreement on August 21, 2026 [2, 3].
