The proposed deal covers the sale of JC&C’s automotive entities in Singapore and Malaysia, as well as associated trademarks in Singapore, Malaysia and Myanmar, to Chandra Asri’s wholly owned subsidiary CCHPL Holdings, The Business Times reported.
The transaction is subject to approval from several partners of JC&C and other customary conditions.
|
Jardine Cycle & Carriage’s Mercedes-Benz showroom in Singapore. Photo from the company’s website |
The acquisition will mark Chandra Asri’s entry into the automotive sector and complement its existing energy operations in Singapore. It also follows the group’s recent expansion in the city-state, including its purchase of the Esso-branded fuel retail network.
“The proposed acquisition of Cycle & Carriage will represent another important milestone in Chandra Asri Group’s transformation into a leading regional energy, chemicals, infrastructure, and mobility solutions provider,” Erwin Ciputra, the group’s president director, said in a Friday statement cited by Forbes.
JC&C, meanwhile, said the disposal allows it to “crystallize value” from the Cycle & Carriage business as it focuses on its core markets of Indonesia and Vietnam and deliver a positive outcome for shareholders, according to The Edge Singapore.
The sale is expected to result in a gain of about US$221 million, based on first-half 2026 financial metrics.
The firm, which dates back to 1899, is roughly 86% owned by the Keswick family’s Jardine Matheson Holdings, according to its website.
In Singapore, it runs six facilities and handles brands such as Mercedes-Benz, Kia and Mitsubishi. It also deals in used vehicles through its Republic Auto business, provides car leasing services and supplies electric vehicles to logistics firms. In Malaysia, it operates as a Mercedes-Benz dealer with 11 sales and after-sales facilities.
Indonesia-listed Chandra Asri Group describes itself as a leading energy, chemicals and infrastructure solutions provider in Southeast Asia, serving manufacturing industries in both domestic and international markets.
The group is controlled by Pangestu, who has been growing the group’s footprint in Singapore. It bought Esso’s Singapore fuel station network last October after teaming up with commodities trader Glencore to acquire Shell’s refinery and petrochemical assets in the city-state months earlier.
 |
|
Indonesian billionaire Prajogo Pangestu. Photo courtesy of Bakti Barito |
Pangestu built his fortune from timber company Barito Pacific, which he transformed into an energy and petrochemicals conglomerate. Chandra Asri is part of Barito Pacific.
With a net worth of $17.3 billion, based on Forbes’ real-time data, Pangestu is the second-richest man in Indonesia behind Singapore-born coal tycoon Low Tuck Kwong, whose fortune is worth $21.2 billion.
Pangestu previously held the top spot before a stock market rout this year wiped out more than half of his net worth.