Asset Acquisitions and Disposals::Increase in Shareholding in Truong Hai Auto 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 Truong Hai Auto 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 it has purchased 600,000 shares in Truong Hai Auto Corporation ("THACO") from a third party vendor for a cash consideration of VND42.0 billion (approximately USD1.8 million).
As a result of the purchase, JC&C's shareholding in THACO has increased from 25.30% to 25.33%.
The purchase is funded by internal resources, and the consideration was arrived at following negotiations on a willing-buyer, willing-seller basis taking into account, amongst others, THACO's historical earnings and growth potential.
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 2017, it would not have had a material impact on the JC&C Group's earnings per share for the financial year ended 31st December 2017. Had the purchase taken place on 31st December 2017, 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 2017.
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 THACO).