Indonesia’s Chandra Asri Pacific has agreed to acquire Jardine Cycle & Carriage’s automotive businesses in Singapore and Malaysia for an estimated S$265 million ($208.6 million), as the energy and chemicals group expands further into the region’s mobility sector.
Chandra Asri, through wholly owned subsidiary CCHPL Holdings, signed a conditional share and asset purchase agreement with Jardine Cycle & Carriage on Friday, according to an announcement filed with the Singapore Exchange.
The estimated cash purchase price of S$265 million will be adjusted for differences in cash, indebtedness and working capital at closing. Chandra Asri could also pay an earn-out of up to S$30 million, subject to conditions.
The transaction covers Jardine Cycle & Carriage’s interests in 10 Singapore entities, including Cycle & Carriage Automotive, Cycle & Carriage Leasing, Cycle & Carriage 2-Wheeler and Republic Auto. It also includes its interests in Cycle & Carriage Malaysia Holdings and about 97.14% of Cycle & Carriage Bintang.
The deal also includes Cycle & Carriage trademarks and related intellectual property used by the businesses in Singapore and Malaysia, as well as certain marks used by the group’s Myanmar operations.
Cycle & Carriage distributes and retails new and used vehicles and provides aftersales support, financing and insurance solutions in Singapore and Malaysia. Its portfolio includes Mercedes-Benz, Mitsubishi, Kia, Citroën, Maxus, ORA, smart, Gogoro, PEUGEOT, Leapmotor, Zhongtong and Sinotruk.
The business operates six facilities in Singapore and 21 in Malaysia, according to Chandra Asri.
Chandra Asri president director and CEO Erwin Ciputra described the transaction as “another important milestone” in the group’s transformation into an energy, chemicals, infrastructure and mobility provider.
“Cycle & Carriage has a strong heritage, trusted brands, and an experienced team,” Ciputra said in its press release, in a separate announcement with the IDX.
The transaction remains subject to conditions including consents from counterparties to certain dealership, agency and distribution agreements, as well as approvals related to some lease arrangements. The agreement can be terminated if the conditions are not met or waived by Feb. 28, 2027.
Jardine Cycle & Carriage said the sale is part of its efforts to improve shareholder returns through portfolio management and capital allocation. It plans to focus on its core markets, Indonesia and Vietnam, following the disposal.
Jardine Cycle & Carriage’s portfolio in Indonesia includes a 50.1% stake in Astra, one of the country’s largest diversified business groups, with operations spanning automotive and mobility, financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure, information technology and property. JC&C also owns 49.9% of automotive dealer Tunas Ridean.
Astra is Indonesia’s largest automotive group, with operations across vehicle manufacturing, distribution, retail and aftersales, as well as automotive components.
The proceeds will be used to reduce Jardine Cycle & Carriage’s corporate net debt, according to the filing.
The assets being sold generated about $16 million in net profit in the first half of 2026, based on profit before income tax and non-controlling interests. Jardine Cycle & Carriage estimated a gain on disposal of about $221 million when factoring in the purchase price, the maximum earn-out and the transfer of certain intra-group loans.
As part of the deal, Chandra Asri will assume S$333 million of intra-group loans that Jardine Cycle & Carriage currently owes to Cycle & Carriage Industries. No consideration will be paid for the loan transfer.
For Chandra Asri, the acquisition follows its expansion in Singapore’s downstream energy market. The group agreed in 2025 to acquire ExxonMobil’s Esso-branded retail fuel station network in Singapore, a deal involving nearly 60 stations and related supply agreements.
Chandra Asri subsequently secured a $750 million financing package from KKR for the Esso acquisition in November 2025.
The Cycle & Carriage deal would add vehicle distribution, retail and aftersales operations to Chandra Asri’s Singapore portfolio.
Chandra Asri said it intends to retain Cycle & Carriage’s existing identity, capabilities, customer and OEM relationships, management and employees following the acquisition.
Greenhill, an affiliate of Mizuho, acted as Chandra Asri’s exclusive financial adviser, while Mizuho Bank is providing acquisition financing support for the transaction.
