JC&C to sell Singapore and Malaysia auto businesses for $265m

Chandra Asri unit will acquire the operations under a conditional agreement.

Jardine Cycle & Carriage (JC&C) has agreed to sell its Cycle & Carriage automotive businesses in Singapore and Malaysia to a unit of Indonesia-listed PT Chandra Asri Pacific for an estimated $265m in cash.

The conditional share and asset purchase agreement covers JC&C’s Singapore automotive entities, Cycle & Carriage Malaysia Holdings, and a 97.14% stake in Cycle & Carriage Bintang at closing.

It also includes Cycle & Carriage trademarks and related intellectual property used by the businesses in Singapore, Malaysia, and Myanmar.

The operations being sold include new and used vehicle distribution and retail, as well as aftersales, financing and insurance services.

The buyer, CCHPL Holdings Pte. Ltd., is a wholly owned subsidiary of Chandra Asri.

The agreement provides for an earn-out of up to $30m, subject to specified conditions.

Separately, about $333m in intra-group loans owed by JC&C to Cycle & Carriage Industries will be novated to the buyer at closing, with no separate consideration payable for the novation.

JC&C said the divestment will allow it to focus on its core markets of Indonesia and Vietnam. It plans to use the sale proceeds to reduce corporate net debt.

It estimated an illustrative gain on disposal of about $280.8m (US$221m), based on the $265m purchase price, the maximum earn-out and the loan novation.

Based on the company’s first-half 2026 accounts, the assets being sold had a book and net tangible asset value of about $371m (US$292m) and generated about $20.3m (US$16m) in net profit before income tax and non-controlling interests.

Completion is subject to conditions including approvals from certain dealership, agency and distributorship counterparties, as well as consent from landlords and JTC Corporation for selected leases.

The agreement will terminate if the conditions are not met or waived by 28 February 2027, subject to specified exceptions.

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