Chandra Asri Pacific Buys Jardine Car Dealerships for S$265 Million

Chandra Asri Pacific, an energy and petrochemical group controlled by tycoon Prajogo Pangestu, has agreed to acquire the car dealership business of Jardine Cycle & Carriage in Malaysia and Singapore for S$265 million ($208 million). The deal includes dealerships for Mercedes-Benz, Kia, and Mitsubishi, along with the Republic Auto used car brand.

This acquisition marks the group's first entry into the automotive sector. It follows a series of expansions in Singapore, including the recent purchase of Esso's fuel retail network and Shell's refinery assets. President Director and CEO Erwin Ciputra described the move as an important milestone in the group's transformation into a regional provider of energy, chemicals, infrastructure, and mobility solutions.

Jardine Cycle & Carriage, controlled by Jardine Matheson Holdings, intends to use the sale proceeds to reduce debt. The company is shifting its strategic focus toward its core markets in Indonesia and Vietnam. The transaction remains subject to customary conditions and approvals from partners.