Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  SINGAPORE EXCHANGE  >  Jardine Cycle & Carriage Limited    JCYC   SG1B51001017

JARDINE CYCLE & CARRIAGE LIMITED

(JCYC)
  Report  
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Jardine Cycle & Carriage : Privatisation of Cycle & Carriage Bintang via Selective Capital Reduction & Repayment Exercise

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/10/2019 | 09:25pm EST

GENERAL ANNOUNCEMENT::PRIVATISATION OF CYCLE & CARRIAGE BINTANG VIA SELECTIVE CAPITAL REDUCTION & REPAYMENT EXERCISE

Issuer & Securities

Issuer/ Manager

JARDINE CYCLE & CARRIAGE LIMITED

Securities

JARDINE CYCLE & CARRIAGE LTD - SG1B51001017 - C07

Stapled Security

No

Announcement Details

Announcement Title

General Announcement

Date &Time of Broadcast

11-Nov-2019 07:59:03

Status

New

Announcement Sub Title

Privatisation of Cycle & Carriage Bintang via selective capital reduction & repayment exercise

Announcement Reference

SG191111OTHRXHP2

Submitted By (Co./ Ind. Name)

Jeffery Tan Eng Heong

Designation

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 submitted a formal proposal to the board of directors of Cycle & Carriage Bintang Berhad ("CCB") to privatise CCB through a selective capital reduction and repayment exercise (the "SCR Exercise") to be undertaken by CCB pursuant to Section 116 of the Companies Act, 2016 of Malaysia.

JC&C currently holds approximately 59.1% of the issued share capital of CCB, which is listed on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). CCB's principal activities are the retail of vehicles and provision of after-sales services. It is one of the leading Mercedes-Benz dealers in Malaysia with a network of 13 outlets in Malaysia.

Under the proposed SCR Exercise, all shareholders of CCB other than JC&C (the "CCB Entitled Shareholders") collectively will receive a total capital repayment of RM90.6 million (approximately USD21.9 million), which represents a cash amount of RM2.20 for each CCB share. Upon cancellation of the CCB shares held by the CCB Entitled Shareholders pursuant to the proposed SCR Exercise, this will result in CCB becoming a wholly-owned subsidiary of JC&C. After the proposed SCR Exercise is completed, CCB

will be delisted from Bursa Securities. As at 8 November 2019, the closing market price of a CCB share on Bursa Securities was RM1.29.

The proposed SCR Exercise will be subject to and conditional upon, amongst others, (a) requisite shareholders' approval being obtained at an extraordinary general meeting of CCB to be convened, and (b) applicable regulatory and court approvals. JC&C will make further announcements to update the market at the appropriate time.

The proposed SCR Exercise would present an opportunity for the minority shareholders to exit and realise their holdings in CCB in cash, and provide CCB with greater exibility in managing and developing its existing business without the regulatory costs and restrictions associated with being listed on Bursa Securities.

The proposed SCR Exercise will be funded by CCB through an advance from JC&C. Such advance will be made from JC&C's internal resources and external borrowings, and is not expected to have a material impact on the JC&C Group's net tangible assets or earnings per share. Had the proposed SCR Exercise taken place on 1 January 2018, it would not have had a material impact on the JC&C Group's earnings per share for the nancial year ended 31 December 2018, and had the proposed SCR Exercise taken place on 31 December 2018, it would not have had a material impact on the JC&C Group's net tangible assets per share for the nancial year ended 31 December 2018.

None of the Directors or controlling shareholders of JC&C has any interest, direct or indirect, in the proposed SCR Exercise (save through their shareholding interests, if any, in JC&C or directorship in CCB).

For further information, please contact:

Jardine Cycle & Carriage Limited

Stephen Gore Tel: +65 6470 7300

Joey Ho Tel: +65 6470 8115

Disclaimer

Jardine Cycle & Carriage Ltd. published this content on 11 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2019 02:24:08 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JARDINE CYCLE & CARRIAGE L
11/10JARDINE CYCLE & CARRIAGE : Privatisation of Cycle & Carriage Bintang via Selecti..
PU
11/06JARDINE CYCLE & CARRIAGE : JC&C 2019 Third Quarter Financial Statements and Divi..
PU
11/05Southeast Asian stock markets end higher on tariff relief hopes, Philippines ..
RE
11/01JARDINE CYCLE & CARRIAGE : Announcement of Cessation
PU
10/31ASTRA INTERNATIONAL TBK PT : 9-Months Net Profit Fell 7.1% On Year
DJ
10/31JARDINE CYCLE & CARRIAGE : Astra International 2019 Third Quarter Financial Stat..
PU
09/24JARDINE CYCLE & CARRIAGE : Public Tender Offer for Shares in Refrigeration Elect..
PU
09/24Indonesian stocks sag on slowdown worries; most other markets up on trade hop..
RE
09/05JARDINE CYCLE & CARRIAGE : Cash Dividend / Distribution with Choice
PU
08/28SOUTHEAST ASIA STOCKS : Philippines recovers on property stocks; others tepid
RE
More news
Financials (USD)
Sales 2019 18 911 M
EBIT 2019 2 046 M
Net income 2019 839 M
Debt 2019 5 527 M
Yield 2019 3,76%
P/E ratio 2019 11,2x
P/E ratio 2020 9,55x
EV / Sales2019 0,78x
EV / Sales2020 0,73x
Capitalization 9 311 M
Technical analysis trends JARDINE CYCLE & CARRIAGE L
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 28,57  $
Last Close Price 23,56  $
Spread / Highest target 36,8%
Spread / Average Target 21,3%
Spread / Lowest Target 6,18%
EPS Revisions
Managers
NameTitle
Benjamin William Keswick Chairman
Stephen Patrick Gore Director & Group Finance Director
Mark Spencer Greenberg Non-Executive Director
Anthony John Liddell Nightingale Independent Non-Executive Director
Yoon Chiang Boon Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
JARDINE CYCLE & CARRIAGE LIMITED-9.00%9 309
TOYOTA MOTOR CORPORATION26.63%203 941
VOLKSWAGEN AG32.06%101 042
DAIMLER AG10.39%59 898
BMW AG5.45%53 150
GENERAL MOTORS COMPANY10.28%52 708