- Business
- Jardine Matheson Holdings Limited is a Bermuda-domiciled multinational conglomerate founded in 1832 and headquartered in Hong Kong that operates diversified businesses focused principally on Asia through subsidiaries including Jardine Pacific, Jardine Motors, Hongkong Land, DFI Retail Group, Mandarin Oriental Hotel Group, Jardine Cycle & Carriage and Astra International. Jardine Pacific provides engineering and construction services via Jardine Engineering Corporation and Gammon Construction, transport services through Jardine Aviation Services and Hong Kong Air Cargo Terminals, elevators via Jardine Schindler joint venture, and restaurants including Pizza Hut and KFC franchises; Jardine Motors engages in sales and service of luxury and premium vehicles such as Mercedes-Benz, Hyundai, Smart, Aston Martin, Audi, Volkswagen, Jaguar, Land Rover and Porsche in Hong Kong, Macau, mainland China and the United Kingdom; Hongkong Land invests in, manages and develops prime commercial and residential properties in Hong Kong, Singapore, mainland China, Macau and other Asian markets; DFI Retail Group operates pan-Asian retail chains encompassing supermarkets under Wellcome, Jasons, Cold Storage, Hero, Yonghui and Giant banners, health and beauty stores via Mannings and Guardian, IKEA stores, 7-Eleven convenience outlets and a stake in Maxim's restaurants across Hong Kong, Macau, Taiwan, Indonesia, Malaysia, Singapore, China, India and Vietnam; Mandarin Oriental manages deluxe hotels and residences worldwide with flagships in Hong Kong and Bangkok; Jardine Cycle & Carriage holds over 50% of Astra International, Indonesia's largest independent automotive group offering vehicles from Toyota, Daihatsu, Isuzu, BMW, Peugeot and Honda motorcycles alongside financial services, heavy equipment, mining, agribusiness, infrastructure, logistics and information technology, and represents Mercedes-Benz, Toyota, Honda and Kia in Singapore, Malaysia, Myanmar, Vietnam and Thailand. The group maintains significant operations in Greater China where it derives over half its profits, Southeast Asia including Indonesia, Singapore, Malaysia and Thailand, and extends to the United Kingdom and other global markets with approximately 200,000 employees. In recent developments, Jardine Matheson announces its intention in 2025 to acquire the remaining 11.96% stake in Mandarin Oriental Hotel Group to take it private at US$3.35 per share valuing the company at about US$3.6 billion, aligning with its strategy to streamline corporate structure and enhance long-term returns from Asia-focused assets; it proposes a US$250 million share buyback program; reports a US$623 million net loss for FY2024 due to weaker contributions from Zhongsheng and Hongkong Land amid market conditions; appoints Lincoln Pan, formerly of PAG, as new CEO replacing John Witt by end-November 2024; and increases its stake in Jardine Cycle & Carriage through open market purchases.