Jardine C&C said to explore sale of car dealership in Malaysia and Singapore
Sign up now: Get ST's newsletters delivered to your inbox
Jardine Cycle & Carriage brands include Mercedes-Benz, Mitsubishi, Kia, Citroen and Peugeot.
ST PHOTO: ALPHONSUS CHERN
HONG KONG – A unit of Jardine Matheson Group is considering selling its car dealership in Malaysia and Singapore, people familiar with the matter said.
Singapore-listed Jardine Cycle & Carriage (Jardine C&C) is working with an adviser on a possible sale of the dealership and has reached out to potential buyers, the people said, asking not to be identified because the information is private. A transaction could value the business at US$250 million (S$317 million) to US$350 million, they said.
Deliberations are ongoing and might not result in a sale, the people said.
A representative for Jardine C&C declined to comment.
Jardine Matheson holds about 85 per cent of Jardine C&C, the owner of the dealership, which retails and provides after-sales services for new and used vehicles in Malaysia and Singapore. Brands offered include Mercedes-Benz, Mitsubishi, Kia, Citroen and Peugeot, its website shows.
Shares of Jardine C&C closed up 1.5 per cent at $32.88 on May 8. The shares have climbed about 27 per cent in the past 12 months, giving the company a market value of about $12.8 billion.
Jardine Matheson’s other investments in the region include Indonesian conglomerate Astra International and automotive dealership Tunas Ridean, as well as Vietnam’s Truong Hai Group and Refrigeration Electrical Engineering. BLOOMBERG
