Chandra Asri Pacific—controlled by Indonesian tycoon Prajogo Pangestu—has agreed to buy Jardine Cycle & Carriage’s car dealership business in Malaysia and Singapore for S$265 million ($208 million), marking the energy and petrochemical group’s first foray into the automotive sector.

The acquisition will complement Chandra Asri Group’s existing energy business in Singapore. It also builds on the group’s recent expansion in the country, including its acquisition of the Esso-branded fuel retail network, the Jakarta-based company said in a statement on Friday. The deal is subject to approvals of........

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