SGX-listed Jardine Matheson eyes more Asia deals after US$10 billion spree to revamp empire. The company and its subsidiaries are shedding capital-intensive assets across sectors Published Fri, May 29, 2026 · 09:45 AM * In a potential sign of what is to come, JMH announced its expansion into Australia's medical industry with the US$2.4 billion acquisition of diagnostic imaging provider I-MED Radiology Network. PHOTO: REUTERS [HONG KONG] Jardine Matheson Holdings (JMH), which has a primary listing on the London Stock Exchange and secondary listing on the Singapore Exchange, is considering selling more assets as part of an overhaul to transform the conglomerate into an investment firm with a focus on higher growth areas, according to sources familiar with the matter. Among options being considered, the group's Mandarin Oriental International is weighing selling the remainder of an office tower in Hong Kong, following a deal last year to sell 13 floors to Alibaba Group Holding and Ant Group for HK$7.2 billion (S$1.2 billion), said the sources, who asked not to be identified while discussing private deliberations. The group, whose business includes retail, autos and infrastructure, is also reviewing options for other units, they said. Another potential target for sale is Zung Fu, JMH's Mercedes-Benz dealership business in Hong Kong and Macau, according to one of the sources. CEO Lincoln Pan, who was co-head of private equity at PAG before joining JMH in December, is hiring an investment team to oversee the conglomerate's portfolio revamp, according to the sources. JMH declined to comment. Asean intelligence. Get insights into businesses across South-east Asia Conglomerates are a deeply rooted feature of Hong Kong's commerce landscape, with JMH tracing its history back to an opium trading house founded in 1832 and rising to prominence during the city's time under British rule. But the business empires are increasingly looking to get out of the traditional sectors favoured by earlier generations as they attempt to navigate the challenges of the modern era. JMH's revamp coincides with similar steps by billionaire Li Ka-shing's CK Hutchison Holdings, which is also pivoting its focus in the face of rising global geopolitical tensions and disruptive technological development. At JMH, chairman Ben Keswick has led an overhaul that has included a sweeping restructure designed to simplify holdings, and announced last year his desire to reposition the company to focus on investing rather than directly operating businesses. Investors have welcomed the pivot. JMH's Singapore-listed shares have climbed more than 40 per cent in the past year as it proposed or completed at least US$10.5 billion in asset sales and mergers and acquisitions, data compiled by Bloomberg showed. The group is also buying back shares to boost investor returns. Shedding assets. Core to its ambitions are plans to expand in developed markets in the Asia-Pacific region, including Australia and Japan, in a bid to capture new growth opportunities and reduce exposure to geopolitical risks from South-east Asia, which accounts for about 63 per cent of its underlying profit, according to some of the sources. JMH will look at opportunities in sectors beyond its existing portfolio, which focuses on heavy industries, real estate, retail and financial services, they said. In a potential sign of what is to come, the company this week announced its expansion into Australia's medical industry with the US$2.4 billion acquisition of diagnostic imaging provider I-MED Radiology Network. Meanwhile, JMH and its subsidiaries have been shedding capital-intensive assets across sectors, including property and infrastructure, to free up cash for faster-growing industries and markets. That includes putting at least US$1.8 billion worth of Hong Kong property up for sale over the past year, data compiled by Bloomberg showed. In other sectors, JMH's restaurant unit has been seeking to sell its KFC and Pizza Hut chains in Asian markets, including Hong Kong and Taiwan, attracting bidders including Carlyle Group and Yum China Holdings, Reuters reported in May. Beyond asset sales, JMH is also streamlining its headcount in line with plans it previously announced. The group and its DFI Retail Group Holdings unit have conducted several rounds of layoffs of back-office staff, according to sources. BLOOMBERG Share with us your feedback on BT's products and services

Jardine Matheson to buy Aussie imaging business I-MED in $3.1 billion deal. I-MED operates a network of 215 diagnostic imaging clinics across Australia and New Zealand. PHOTO: REUTERS Published May 25, 2026, 03:59 PM Updated May 25, 2026, 09:30 PM Hong Kong - Singapore-listed Jardine Matheson Holdings agreed to buy Australian medical diagnostic imaging provider I-MED Radiology Network from private equity firm Permira, as the Asia-focused conglomerate seeks to expand its portfolio. The transaction gives I-MED an enterprise value of A$3.4 billion (S$3.1 billion), Hong Kong-based Jardine said in a statement on May 25. Jardine will pay with cash on balance sheet from capital recycling activities and debt. As part of the deal, Jardine will also buy I-MED's minority interest in Harrison.ai, a firm that develops radiology artificial intelligence solutions including CT brain and chest scans. Jardine's underlying earnings per share and dividend guidance for 2026 remain unchanged, the company said. The transaction is expected to be completed later this year. Shares in Jardines, as the group is typically known, climbed as much as 2.3 per cent on May 25 in Singapore, before paring some of the gains. The stock has surged 56 per cent in the past 12 months, giving the company a market value of US$21.1 billion (S$26.9 billion). Jardines, which traces its roots back to an opium trading house founded in 1832, has recently been ramping up efforts to increase investor returns. In 2025, it appointed Lincoln Pan, previously co-head of private equity at PAG, as chief executive officer to replace a three-decade veteran. In January, Jardines bought the remaining 12 per cent of hotel arm Mandarin Oriental International it did not already own. "As a long-term, committed investor, our goal is to build larger, high-quality businesses across our portfolio, and we look forward to supporting I-MED in the next phase of its growth," Mr Pan said in the statement. The business is expected to grow in its core markets as well as new ones, he added.

Jardine Matheson said on Monday it ‌has agreed to buy Australian medical imaging provider I-MED Radiology Network for a total enterprise value of A$3.4 billion ($2.4 billion), adding a major healthcare diagnostics business to the Hong Kong-based group.