Chandra Asri Pacific (TPIA) Expands Into Singapore and Malaysia Automotive Business

 

Jakarta, August 21, 2026 — PT Chandra Asri Pacific Tbk (TPIA), a company controlled by Indonesian businessman Prajogo Pangestu, has announced plans to acquire the automotive business of Cycle & Carriage in Singapore and Malaysia.

The company has signed a Conditional Sales and Purchase Agreement (CSPA) as part of the proposed acquisition. The transaction represents another major step in Chandra Asri Group’s regional expansion strategy and its long-term ambition to build an integrated business platform covering energy, infrastructure, and mobility across Southeast Asia.

TPIA Signs Agreement to Acquire Cycle & Carriage Business

The proposed acquisition will expand Chandra Asri Group’s presence in the automotive and mobility sector. Cycle & Carriage has operated in the region for more than a century, with its business history dating back to 1899.

The company represents several well-known global automotive brands across Singapore and Malaysia, giving Chandra Asri Group access to an established automotive platform in two important Southeast Asian markets.

Greenhill, an affiliate of Mizuho, is serving as the exclusive financial adviser for the transaction. Meanwhile, Mizuho Bank is providing acquisition financing support to Chandra Asri Group.

Strategic Expansion Into Southeast Asia's Mobility Sector

Chandra Asri described the proposed transaction as a bolt-on acquisition that could strengthen its participation across the mobility value chain.

The acquisition is also expected to complement the Group’s existing energy and retail businesses in Singapore. By adding an established automotive operation, Chandra Asri can further diversify its regional business portfolio beyond its traditional energy and chemicals operations.

The move reflects the Group’s broader strategy to develop an integrated platform combining energy, chemicals, infrastructure, and mobility businesses.

Erwin Ciputra Highlights Cycle & Carriage's Strong Position

Chandra Asri Group President Director and CEO Erwin Ciputra said the planned acquisition would represent another important milestone in the company’s transformation.

According to Erwin, Cycle & Carriage brings a long operating history, established brands, and an experienced workforce to the Chandra Asri Group.

The company intends to support Cycle & Carriage’s next phase of growth while maintaining the level of service and reliability expected by its customers and business partners.

Chandra Asri Strengthens Its Singapore Presence

The proposed acquisition follows a series of expansion moves by Chandra Asri Group in Singapore.

One of the Group’s previous strategic moves in the country was the acquisition of a network of Esso-branded retail fuel stations. The addition of Cycle & Carriage would further strengthen Chandra Asri’s position in Singapore’s mobility market.

Singapore is considered an important mobility hub in Southeast Asia, making the market strategically significant for companies seeking to expand their regional transportation and energy businesses.

What the TPIA Acquisition Means

The planned Cycle & Carriage acquisition signals Chandra Asri Group’s ambition to become more than a major energy and chemicals company.

Through its expansion into automotive and mobility, TPIA is building a broader regional business ecosystem that combines energy, infrastructure, chemicals, retail, and transportation-related services.

For Prajogo Pangestu’s business group, the transaction could also become an important component of its long-term Southeast Asian expansion strategy.

However, the transaction remains subject to the conditions outlined in the Conditional Sales and Purchase Agreement and the applicable regulatory and closing requirements.

TPIA Acquisition Key Points

• Acquiring company: PT Chandra Asri Pacific Tbk (TPIA)

• Business being acquired: Cycle & Carriage automotive operations

• Markets: Singapore and Malaysia

• Agreement: Conditional Sales and Purchase Agreement (CSPA)

• Financial adviser: Greenhill, a Mizuho affiliate

• Acquisition financing: Mizuho Bank

• Strategic focus: Energy, infrastructure, chemicals, and mobility

• Regional objective: Strengthen Chandra Asri Group’s presence across Southeast Asia

The proposed acquisition marks another significant development in Chandra Asri Pacific’s regional expansion. With an established automotive platform in Singapore and Malaysia, TPIA is positioning itself to participate more deeply in Southeast Asia’s growing mobility ecosystem while continuing to expand its broader energy and infrastructure businesses.