Jardine Cycle & Carriage (JC&C), a Singapore-incorporated company, will sell its Cycle & Carriage automotive business in Singapore and Malaysia to CCHPL Holdings, a wholly-owned subsidiary of Indonesia’s PT Chandra Asri Pacific, for an estimated S$265 million ($207 million).
In a statement last Friday, JC&C said the deal is subject to approval of related parties. The agreement also provides for an earn-out payment of up to S$30 million. About S$333 million (US$260 million) that Jardine Cycle & Carriage owes to one of the businesses being sold, Cycle & Carriage Industries, will be transferred to the buyer at closing.
JC&C’s automotive business in Singapore and Malaysia distributes and retails new and used vehicles in the two countries. It also provides aftersales, financing, and insurance services.
It comprises ten Singapore subsidiaries, all the shares in Cycle & Carriage Malaysia Holdings, about 97.14 percent of Cycle & Carriage Bintang Berhad, and the Cycle & Carriage trademarks used in Singapore, Malaysia and Myanmar.
The assets contributed about $16 million in net profit in the first half of 2026. The company estimated the sale would produce a disposal gain of about $221 million.
Chandra Asri is an energy, chemicals and infrastructure group incorporated in Indonesia and listed on the Indonesian Stock Exchange, with principal shareholders including PT Barito Pacific and its affiliates, SCG Chemicals and Thai Oil.
According to JC&C’s 2025 annual report, the Cycle & Carriage business operates nearly 20 facilities across Singapore and Malaysia. It features many automotive brands as a dealer or distributor, including Mercedes-Benz, Kia, Mitsubishi, Peugeot, and Chinese electric vehicle (EV) maker Leapmotor.
In 2025, it became the exclusive distributor of Peugeot, Leapmotor and Zhongtong Bus. Its activities also include used-car retail, vehicle leasing, the supply of electric-vehicle fleets to logistics companies, and last-mile deliveries. The report said Cycle & Carriage accounted for about 86 percent of the $55.6 million that JC&C’s regional interests contributed to underlying profit in 2025.
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