Chandra Asri Pacific—controlled by Indonesian tycoon Prajogo Pangestu—has agreed to buy Jardine Cycle & Carriage’s car dealership business in Malaysia and Singapore for S$265 million ($208 million), marking the energy and petrochemical group’s first foray into the automotive sector.
The acquisition will complement Chandra Asri Group’s existing energy business in Singapore. It also builds on the group’s recent expansion in the country, including its acquisition of the Esso-branded fuel retail network, the Jakarta-based company said in a statement on Friday. The deal is subject to approvals of several Jardine Cycle & Carriage’s partners and other customary conditions.
“The proposed acquisition of Cycle & Carriage will represent another important milestone in Chandra Asri Group’s transformation into a leading regional energy, chemicals, infrastructure, and mobility solutions provider,” Erwin Ciputra, president director & CEO of Chandra Asri said in the statement.
Jardine Cycle & Carriage—which is controlled by the Keswick family’s Jardine Matheson Holdings—has been in business since 1899. In Singapore, it operates six facilities and represents brands including Mercedes-Benz, Kia and Mitsubishi. The company also sells used cars under its Republic Auto brand, offers vehicle leasing services and supplies EVs to logistics companies. In Malaysia, Jardine Cycle & Carriage is a Mercedes-Benz dealer with a network of 11 sales and after-sales facilities.
“The proposed transaction enables Jardine C&C to crystallise value from the Cycle & Carriage business as we focus on our core markets of Indonesia and Vietnam and deliver a positive outcome for shareholders,” Jardine said in a separate statement. Proceeds from the transaction will be used to pay down debts.
Pangestu has been steadily expanding Chandra Asri’s business in Singapore. In April 2025, it and commodities giant Glencore completed the acquisition of Shell’s refinery and petrochemical assets in the city-state. Five months later, the group acquired Esso’s network of petrol stations in Singapore.
Chandra Asri is part of Barito Pacific, a timber company that Pangestu transformed into an energy and petrochemicals giant. Pangestu is among the wealthiest in Indonesia with a net worth of $17.2 billion based on Forbes’ real-time data. His interests include coal mining firm Petrindo Jaya Kreasi which went public in 2023.