NewsMV
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.
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