Deliberations are ongoing and might not result in a sale, the people said.
A representative for Jardine Cycle & Carriage declined to comment.
Jardine Matheson holds about 85% of Jardine Cycle & Carriage, owner of the dealership, which retails and provides aftersales services for new and used vehicles in Malaysia and Singapore. Brands offered include Mercedes-Benz, Mitsubishi, Kia, Citroen and Peugeot, its website shows.
Jardine Cycle & Carriage shares have climbed about 27% in the past 12 months, giving the holding company a market value of $12.8 billion. Its other investments in the region include Indonesian conglomerate PT Astra International and automotive dealership Tunas Ridean, as well as Vietnam’s Truong Hai Group Corp, or Thaco, and Refrigeration Electrical Engineering Corp.
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