Hong Kong billionaire Keswick clan’s Jardine C&C to sell Singapore, Malaysia car dealerships to Indonesian tycoon’s firm
Jardine Cycle & Carriage, controlled by Hong Kong billionaire Keswick family’s group, is selling its car dealership business in Malaysia and Singapore to Indonesian tycoon Prajogo Pangestu’s Chandra Asri Pacific for S$265 million (US$208 million).
Hong Kong-based billionaire Keswick clan's Jardine C&C, dating back to 1899, is planning to sell its automotive dealerships in Singapore and Malaysia to Indonesian tycoon Chandra Asri's firm, CCHPL Holdings. This proposed deal, subject to approval, includes trademarks and associated assets in Singapore, Malaysia, and Myanmar. Chandra Asri Group, which is focused on energy, chemicals, and infrastructure solutions in Southeast Asia, aims to complement its existing operations in Singapore with the acquisition.
The deal is expected to yield approximately US$221 million for Jardine C&C, as it focuses on its core markets of Indonesia and Vietnam. The Keswick family owns roughly 86% of Jardine C&C, which operates six facilities in Singapore and handles brands such as Mercedes-Benz, Kia, and Mitsubishi. Chandra Asri Group, led by Erwin Ciputra and presided over by Pangestu, is set to enter the automotive sector, building on its success in energy, chemicals, and infrastructure.
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