Chandra Asri Group has announced the signing of a conditional sales and purchase agreement to acquire Cycle & Carriage’s automotive business in Singapore and Malaysia. This strategic move aims to bolster Chandra Asri’s mobility platform across Southeast Asia, complementing its existing energy and retail operations in the region.
The acquisition of Cycle & Carriage, a company with a long-standing presence since 1899, will allow Chandra Asri to expand its participation in the mobility value chain. Cycle & Carriage represents several global automotive brands, including Mercedes-Benz, Mitsubishi, and Kia, across Singapore and Malaysia. This acquisition follows Chandra Asri’s recent purchase of the Esso-branded retail fuel station network in Singapore, further solidifying its presence in the region.
Erwin Ciputra, President Director and CEO of Chandra Asri, stated, “The proposed acquisition of Cycle & Carriage will represent another important milestone in Chandra Asri Group’s transformation into a leading regional energy & chemicals, infrastructure, and mobility solutions provider. Cycle & Carriage has a strong heritage, trusted brands, and an experienced team. We look forward to supporting the business for its next phase of growth whilst continuing to serve customers and partners with the quality and reliability they have come to expect.”
The transaction is subject to OEM approvals and other customary conditions. Chandra Asri plans to maintain Cycle & Carriage’s established identity and relationships whilst fostering growth opportunities across its expanding regional platform.
