Jardine Cycle & Carriage (JC&C) plans to sell its Cycle & Carriage business in Malaysia and Singapore to Indonesia’s PT Chandra Asri Pacific for S$265 million (RM844 million), reports The Edge Singapore.
These businesses, which include various brand car dealerships, are now held on its books at US$292 million (RM1.2 billion) as of June 30, and contributed some US$16 million (RM65 million) in the most recent first half of fiscal year 2026. Proceeds from the sale will be used to pare down debt, according to the report.
While announcing its half-year earnings on July 30, JC&C said it will change its name to Jardine Matheson Southeast Asia to better reflect its focus as the Hong Kong-based Jardine group’s Southeast Asian unit, and that this deal will let it “crystallise value” from the Cycle & Carriage business, allowing it to focus on its Indonesia and Vietnam core markets and “deliver a positive outcome for shareholders”.
The Chandra Asri Group is an energy, chemicals and infrastructure solutions provider in Southeast Asia, supplying products and services to manufacturing industries in both domestic and international markets.
It recently acquired the Esso-branded retail fuel station network in Singapore, and its shareholders include PT Barito Pacific Tbk, SCG Chemicals Public Company and Thai Oil Public Company.
“We are of the view that Cycle & Carriage will be well-positioned within the Chandra Asri Group’s ecosystem to leverage synergies and collaboration opportunities that can strengthen competitiveness and support future growth,” JC&C said.
“The proposed acquisition of Cycle & Carriage will represent another important milestone in Chandra Asri Group’s transformation into a leading regional energy and chemicals, infrastructure, and mobility solutions provider,” said Chandra Asri president director and CEO Erwin Ciputra.
“Cycle & Carriage has a strong heritage, trusted brands and an experienced team. We look forward to supporting the business for its next phase of growth while continuing to serve customers and partners with the quality and reliability they have come to expect,” he added.
The nearly-130-year-old Cycle & Carriage is known for its 75-year association with Mercedes-Benz (it once owned 49% of Mercedes-Benz Malaysia). Today, it also sells and services Fuso, Peugeot, Leapmotor and Kia vehicles in Malaysia.
Lol this indo kena con
ironic because indo conned felda of 2 billion ringgit and indo e-fish scam also conned KWAP of 200 million.
Asal Bukan type-C
welcome welcome
that is ironic because indon pt eagle conned Felda of 2 billion ringgit. and indon fisheries conned KWAP of 200 million.
if it was the other way around the indons would be rioting in front of jakart malaysian embassy screaming “ganyang malingsia”
“Leverage synergies” lol looks like gonna bankrupt soon