Jardine Cycle & Carriage said on 21 August that it had agreed to sell its Cycle & Carriage motor businesses in Singapore and Malaysia to CCHPL Holdings, a wholly owned subsidiary of Indonesia's PT Chandra Asri Pacific, for an estimated S$265m in cash.
Why PT Chandra Asri Pacific Tbk (via CCHPL Holdings) is buying Cycle & Carriage businesses in Singapore and Malaysia
JC&C said the sale lets it crystallise value from Cycle & Carriage while focusing on its core markets of Indonesia and Vietnam, and that the business would be well placed within the Chandra Asri group's energy, chemicals and infrastructure ecosystem.
Deal terms and financing
The price will be adjusted for cash, debt and working capital at closing, and an earn-out of up to S$30m may be paid. The buyer will assume S$333m owed by JC&C to Cycle & Carriage Industries without further consideration. The assets had a book value of about US$292m at 30 June 2026 and generated about US$16m of pre-tax profit in the first half.
Regulatory approvals and timing
Closing depends on consents from dealership, agency and distributorship counterparties and from landlords including JTC Corporation, and on the absence of a material adverse change. The agreement lapses if conditions are not met by 28 February 2027.
Market context
Chandra Asri is listed in Jakarta and controlled by Barito Pacific, with SCG Chemicals and Thai Oil as other major shareholders. The sale excludes JC&C's Indonesian automotive interests.
