Chandra Asri to buy Jardine Cycle & Carriage's auto dealerships in Malaysia and Singapore
Jardine Cycle & Carriage's auto dealership business in Malaysia and Singapore has a buyer: Chandra Asri, the company controlled by Indonesian billionaire Prajogo Pangestu. The deal adds vehicle retail to a group that…
Key takeaways
- Chandra Asri, controlled by Indonesian billionaire Prajogo Pangestu, has agreed to buy Jardine Cycle & Carriage's auto dealership business in Malaysia and Singapore.
- The acquisition adds vehicle retail to Chandra Asri's group, which already runs an energy business in Singapore.
- No financial terms of the deal were disclosed.
- For Jardine Cycle & Carriage, the transaction represents an exit from auto retail in both Malaysia and Singapore.
- Once complete, the deal would give Prajogo Pangestu's group two distinct businesses in Singapore and new exposure in Malaysia.
Jardine Cycle & Carriage's auto dealership business in Malaysia and Singapore has a buyer: Chandra Asri, the company controlled by Indonesian billionaire Prajogo Pangestu. The deal adds vehicle retail to a group that already runs an energy business in Singapore, and Chandra Asri has said the acquisition complements that existing operation. No financial terms were disclosed.
Geographic overlap is the obvious link. Chandra Asri's Singapore energy unit already puts the group in the city-state; the dealership network covers the same market and adds Malaysia. For Jardine Cycle & Carriage, the transaction amounts to an exit from auto retail in both countries.
Once complete, the deal would give Prajogo Pangestu's group two distinct businesses in Singapore and new exposure in Malaysia through the dealership side.
A definitive agreement is the next confirmable milestone.