General Announcement::Incorporation of New Subsidiary
Issuer & Securities
JARDINE CYCLE & CARRIAGE LIMITED
JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07
Date &Time of Broadcast
Announcement Sub Title
Incorporation of New Subsidiary
Submitted By (Co./ Ind. Name)
Ho Yeng Tat
Group Company Secretary
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 incorporated a new subsidiary in Myanmar, Cycle & Carriage Automobile Alliance Company Limited (CCAA), together with its existing Myanmar partner, Auto Mobile Century Company Ltd (ACCL). CCAA is permitted to carry on the business of selling, repairing and maintaining motor vehicles.
CCAA was incorporated with an issued share capital of US$3,000,000 comprising 3,000 ordinary shares of US$1,000 each. JC&C holds 60% of CCAA's issued shares and ACCL holds the balance 40%.
The above transaction is not expected to have a material impact on the JC&C Group's net tangible assets and earnings per share for the financial year ending 31st December 2016.
None of the Directors or controlling shareholders of JC&C has any interest, direct or indirect, in the above transaction (save through their shareholding interests in JC&C).
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.