Asset Acquisitions and Disposals::Change 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
Change in Shareholding in Refrigeration Electrical Engineering Corporation
Submitted By (Co./ Ind. Name)
Ho Yeng Tat
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 yesterday purchased 3,000,000 shares of VND10,000 each in Refrigeration Electrical Engineering Corporation (REE) for a cash consideration of approximately USD3.7 million.
As a result of the purchase, PVPL's shareholding in REE has increased from 21.76% to 22.87%.
The purchase was funded by internal resources. The consideration was arrived at on a willing-buyer, willing-seller basis having regard to the prevailing market price. As at 18th February 2016, the closing market price of a REE share on the Ho Chi Minh Stock Exchange was VND25,900.
The purchase is not expected to have a material impact on the net tangible assets and earnings per share of JC&C Group for the year ended 31st December 2015.
None of the Directors or controlling shareholders of JC&C has any interest, direct or indirect, in the purchase (save through their shareholding interests, if any, in JC&C or directorship in REE).
JC&C is a leading Singapore-listed company and a member of the Jardine Matheson Group. It has an interest of just over 50% in Astra International, a premier listed Indonesian conglomerate, as well as Direct Motor Interests and Other Interests in Southeast Asia. Together with its subsidiaries and associates, JC&C employs more than 250,000 people across Indonesia, Vietnam, Singapore, Thailand, Malaysia and Myanmar.