Jakarta. Indonesian billionaire Prajogo Pangestu’s Chandra Asri Group has agreed to acquire Jardine Cycle & Carriage’s automotive business in Singapore and Malaysia for S$265 million ($208 million), marking the energy and petrochemicals group’s first foray into the automotive sector.

The proposed acquisition will complement Chandra Asri’s existing energy operations in Singapore and extend the group’s expansion in the city-state, following its acquisition of the Esso-branded fuel retail network last year.

In a statement Friday, Chandra Asri said the transaction remains subject to approval from certain Jardine Cycle & Carriage partners and the fulfillment of other conditions.

“The proposed acquisition of Cycle & Carriage will mark another important milestone in Chandra Asri Group’s transformation into a leading provider of energy, chemicals, infrastructure and mobility solutions in the region,” Chandra Asri President Director and CEO Erwin Ciputra said.

Jardine Cycle & Carriage, controlled by the Keswick family through Jardine Matheson Holdings, has operated since 1899.

In Singapore, the company operates six facilities and distributes several automotive brands, including Mercedes-Benz, Kia and Mitsubishi. Its operations also include used-car sales under the Republic Auto brand, vehicle rental services and the supply of electric vehicles to logistics companies.

In Malaysia, Cycle & Carriage operates as a Mercedes-Benz dealer with a network of 11 sales and after-sales service facilities.

Jardine Cycle & Carriage said the proposed transaction would allow it to realize value from the Cycle & Carriage business as it focuses on its core markets in Indonesia and Vietnam.

“The proposed transaction enables Jardine C&C to realise value from the Cycle & Carriage business as we focus on our core markets in Indonesia and Vietnam and deliver a positive outcome for our shareholders,” the company said in a separate statement.

Proceeds from the transaction will be used by Jardine to repay debt.

Expanding Singapore Footprint
The acquisition is the latest in a series of moves by Pangestu to expand Chandra Asri’s presence in Singapore.

In April 2025, Chandra Asri and commodities giant Glencore completed the acquisition of Shell’s refinery and petrochemicals assets in Singapore. Five months later, the group acquired ExxonMobil’s Esso-branded fuel station network in the city-state.

The expansion is part of Chandra Asri’s broader transformation from a petrochemicals company into a diversified energy, infrastructure and mobility group.

Chandra Asri is part of Barito Pacific, a conglomerate that was previously involved in the timber industry before Pangestu transformed it into an energy and petrochemicals group.

Prajogo ,one of Indonesia’s wealthiest businessmen, has a real-time net worth of about $17.2 billion, according to Forbes.

His business interests also include coal mining company Petrindo Jaya Kreasi, which was listed on the Indonesia Stock Exchange in 2023, as well as Barito Renewables Energy.

Pranogo has also been expanding his renewable energy interests beyond Indonesia and Singapore.

In July, Barito Renewables Energy submitted a proposal to acquire Energy Development Corp. (EDC), the Philippines’ largest geothermal power producer, in a deal estimated at about $5 billion.

According to a statement from First Gen Corp., the controlling shareholder of EDC, the proposal is non-binding, indicative and unsolicited. The proposed transaction remains subject to due diligence and regulatory approvals.

First Gen said there have been no formal discussions between the parties and no agreement has been signed.

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