25 Jul 2008 10:29
The following announcement was issued today by the Company's 67%-owned subsidiary, Jardine Cycle & Carriage Limited. QUOTEJardine Cycle & Carriage Raises Stake in Truong Hai Auto Corporation to 20%25th July 2008 - Jardine Cycle & Carriage today announced that it has invested approximately US$36 million in a further capital raising by Truong Hai Auto Corporation ("THACO"), a leading Vietnamese automotive company. Jardine Cycle & Carriage invested an initial US$41 million for a 12% interest in THACO on 15th July 2008, and with this further investment, the Group's interest has risen to 20% making THACO an associated company. THACO's principal activities include the manufacture, assembly, distribution, retail, repair and maintenance of commercial and passenger vehicles in Vietnam. It carries the full range of Kia commercial and passenger vehicles, as well as certain light and heavy commercial vehicles under Foton, King Long, Hyundai and its own THACO brands. It also has a network of showrooms and dealers throughout the country. THACO was established in Vietnam in 1997 and incorporated as a joint stock company in 2007. Its founder, Mr Tran Ba Duong, is the company's major shareholder. The investment is being funded from the Group's existing financial resources. The investment is not expected to have a material impact on Jardine Cycle & Carriage Group's net tangible assets and earnings per share for the year ending 31 December 2008. None of the Directors or controlling shareholders of Jardine Cycle & Carriage has any interest, direct or indirect, in the transaction. Jardine Cycle & Carriage (JC&C) is a member of the Jardine Matheson group and has a 50.1% interest in Astra, a leading listed Indonesian conglomerate, and other motor interests in Southeast Asia. A Singapore-listed company, JC&C together with its subsidiaries and associates employ some 120,000 people across Singapore, Malaysia, Indonesia and Vietnam.Astra is the largest independent automotive group in Southeast Asia, with additional interests in financial services, agribusiness, heavy equipment, mining, information technology and infrastructure. JC&C's directly-held motor businesses in Singapore and Malaysia operate under the Cycle & Carriage banner. The JC&C Group represents some of the world's leading motoring marques including Honda, Mercedes-Benz and Toyota. Jardine Matheson is a diversified business group focused principally on Asia. Its businesses comprise a combination of cash generating activities and long-term property assets. In addition to JC&C, the Jardine Matheson Group's interests include Jardine Pacific, Jardine Motors, Jardine Lloyd Thompson, Hongkong Land, Dairy Farm and Mandarin Oriental. These companies are leaders in the fields of engineering and construction, transport services, insurance broking, property investment and development, retailing, restaurants, luxury hotels, motor vehicles and related activities.
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For further information, please contact:Jardine Cycle & Carriage LimitedHo Yeng Tat (+65) 6470-8108This and other Group announcements can be accessed through the Internet at www.jcclgroup.com.UNQUOTE Neil M McNamara, Jardine Matheson Limited for and on behalf of Jardine Strategic Holdings Limited25th July 2008 www.jardines.com