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An Indonesian petrochemical titan owned by one of Southeast Asia’s wealthiest billionaires just made a S$265 million (RM868 million) power move into Malaysia and Singapore.
In a massive deal that has caught the regional auto industry by surprise, Jardine Cycle & Carriage is selling off its entire network of showrooms and service centers across both countries to Jakarta-based Chandra Asri Group, controlled by tycoon Prajogo Pangestu.
1899 Archive Where It All Began (1899)Long before it became a premier luxury automotive hub, Cycle & Carriage started right here in Kuala Lumpur as Federal Stores!
Established by the Chua brothers (Cheng Bok and Cheng Liat), the shop initially traded in nutmeg and sundry goods. As Malaya evolved, so did the business, expanding into bicycles and carriages before eventually becoming the legendary automotive dealer generations of Malaysians know today.
The acquisition marks a dramatic shift for Cycle & Carriage, a legendary brand whose roots trace all the way back to KL in 1899, as it officially pivots into a regional energy and mobility ecosystem.
Quick Read TL;DR — Key Takeaways From The RM868M Buyout The RM868M Deal: Jardine C&C is selling its entire car retail and dealership business in Malaysia and Singapore to Chandra Asri Group for S$265 million (~RM868 million). The Buyer: Chandra Asri is an energy & chemicals giant controlled by Prajogo Pangestu, one of Indonesia’s wealthiest billionaires. Brands Covered: Includes all authorized sales and service operations for Mercedes-Benz, Peugeot, Leapmotor EVs, and FUSO commercial trucks. No Disruption For Drivers: All 20 Malaysian facilities, service centers, factory warranties, and staff will transition smoothly under the new owner. Target Completion: The handover is set to complete by 28 February 2027, pending final partner and regulatory sign-offs.Why Is Jardine Selling Cycle & Carriage?According to bourse filings on the Singapore Exchange (SGX), Jardine Cycle & Carriage is divesting the business to "crystallise value" and pay down debt, allowing the group to focus its capital allocation on its core growth markets in Indonesia (via Astra International) and Vietnam (via THACO).
The assets being sold carry a net tangible asset value of approximately US$292 million (RM1.3 billion) as of June 2026, generating roughly US$16 million (RM71 million) in net profit for the first half of 2026.
Who Is Prajogo Pangestu & Chandra Asri Group?For readers unfamiliar with the buyer, Chandra Asri Group is a Jakarta-listed petrochemical, energy, and infrastructure powerhouse controlled by PT Barito Pacific Tbk. Its founder, Prajogo Pangestu, holds an estimated net worth of $17.2 billion, making him one of Indonesia's wealthiest individuals.
This buyout marks Chandra Asri’s first major expansion into automotive retail and mobility solutions. It complements the group's recent aggressive regional expansion in Singapore, which included the acquisition of Shell's petrochemical refinery assets and Esso's network of petrol stations.
What Changes For The Malaysian Automotive Market?-full.jpg)
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Even though ownership is switching to an Indonesian company, it is business as usual on the ground in Malaysia. If you own, service, or plan to buy a car from Cycle & Carriage, here is what you need to know:
Mercedes-Benz Showrooms Stay Open: All major Cycle & Carriage Autohaus branches across Peninsular Malaysia will operate normally. Sales, servicing, and official warranties remain 100% active.Peugeot & Electric Cars (Leapmotor): C&C will keep selling and servicing Peugeot vehicles as well as Leapmotor smart electric cars under the new owner.FUSO Trucks & Fleet Services: Commercial truck sales and heavy-duty service centers will continue operating without interruption.No Changes To Outlets Or Staff: All 20 facilities across KL, Selangor, Penang, and Johor—along with their service advisors and mechanics, will transition smoothly under the new company.Before the takeover is official, the sale requires sign-offs from car brands, distributors, property landlords, and Singapore's JTC Corporation. If these approvals aren't cleared or waived by 28 February 2027, the deal will be called off.
Sources: Forbes | Singapore Business | NST | Investor Trust | DSF
