Asset Acquisitions and Disposals::Increase in Shareholding in Refrigeration Electrical Engineering Corporation
Issuer & Securities
JARDINE CYCLE & CARRIAGE LIMITED
JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07
Asset Acquisitions and Disposals
Date &Time of Broadcast
Announcement Sub Title
Increase in Shareholding in Refrigeration Electrical Engineering Corporation
Submitted By (Co./ Ind. Name)
Jeffery Tan Eng Heong
Description (Please provide a detailed description of the event in the box below)
Jardine Cycle & Carriage Limited ("JC&C") wishes to announce that its wholly-owned subsidiary, Platinum Victory Pte. Ltd. ("PVPL"), has today purchased 2,110,000 shares in Refrigeration Electrical Engineering Corporation ("REE") for an aggregate cash consideration of approximately USD3.8 million.
As a result of the purchase, PVPL's shareholding in REE has increased from 22.87% to 23.55%.
The purchase was funded by internal resources, and the consideration was arrived at on a willing-buyer, willing-seller basis having regard to the prevailing market price. As at 28th November 2017, the closing market price of a REE share on the Ho Chi Minh Stock Exchange was VND39,000.
The purchase is not expected to have a material impact on the JC&C Group's net tangible assets or earnings per share. Had the purchase taken place on 1st January 2016, it would not have had a material impact on the JC&C Group's earnings per share for the financial year ended 31st December 2016. Had the purchase taken place on 31st December 2016, it would not have had a material impact on the JC&C Group's net tangible assets per share for the financial year ended 31st December 2016.
None of the Directors or controlling shareholders of JC&C has any interest, direct or indirect, in the transaction (save through their shareholding interests, if any, in JC&C or directorship in REE).