“Singapore-listed Jardine Cycle & Carriage Ltd is working with an adviser on a possible sale of the dealership and has reached out to potential buyers,” the people said, asking not to be identified because the information is private.

“A transaction could value the business at US$250 million to US$350 million,” they said.

“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 S$12.8 billion (US$10.1 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.