Jardine C&C selling Singapore, Malaysia dealerships to Indonesia’s Chandra Asri for $280m gain
In addition to the sale price, S$333 million in loan owed by JC&C will be novated to the buyer.
Singapore's Jardine Cycle & Carriage (JC&C) has agreed to sell its automotive distribution and retail operations in Singapore and Malaysia to Indonesia's Chandra Asri Pacific. The proposed sale includes a base price of S$265 million in cash, along with the novation of S$333 million owed to Cycle & Carriage Industries (CCI) to the buyer.
JC&C's Indonesian subsidiary, Astra, which handles brands such as Toyota, BMW, Isuzu, and Daihatsu, will not be part of the deal. This transaction is expected to generate an estimated gain of US$221 million (S$280 million) based on JC&C's first-half 2026 financial metrics. Upon completion, JC&C's net tangible asset per share will increase by 2.4 percent, rising from US$19.70 to US$20.20, while earnings per share (EPS) are projected to rise by 20.8 percent from US$2.52 to US$3.05.
By selling the Cycle & Carriage business, JC&C aims to crystallize value and focus on its core markets of Indonesia and Vietnam. Indonesia-listed Chandra Asri Group, a leading energy, chemicals, and infrastructure solutions provider in Southeast Asia, will acquire the automotive entities and associated trademarks.
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