Market Chatter: Jardine Cycle & Carriage Mulls Sale of Dealership in Malaysia, Singapore
Jardine Cycle & Carriage (SGX:C07) is considering divesting its car dealership in Singapore and Malaysia, Bloomberg News reported on Friday, citing people familiar with the matter.The stock rose almost 1% in Friday's afternoon trade.The company has reached out to potential buyers, and a transaction could value the business at between $250 million and $350 million, according to the report.The dealership offers after-sales services for new and used vehicles across Malaysia and Singapore. Brands offered include Mercedes-Benz, Mitsubishi, Kia, Citroen, and Peugeot, the report said.Jardine Matheson did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)