Singapore-based investment holding company Jardine Cycle & Carriage (JC&C) was partnering with online used car marketplace Carro in a deal worth over US$60 million, the companies said on Friday (Jun 16).
Under the partnership, JC&C will take an interest in Singapore-based Carro, and Carro will, in turn, acquire an interest of equivalent value in JC&C's used car unit, Republic Auto.
Both companies will appoint board representatives in the firms they are buying stakes in, and form an after-sales service unit focusing initially on Singapore and Malaysia, they added.
Singapore-listed JC&C holds interests in various companies, including Indonesian conglomerate Astra and Vietnamese conglomerate Truong Hai Group Corp.
Shares of JC&C have jumped 19.7 per cent year-to-date, outperforming a relatively flat local benchmark stock index, according to Refinitiv data.
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Under the partnership, JC&C will take an interest in Singapore-based Carro, and Carro will, in turn, acquire an interest of equivalent value in JC&C's used car unit, Republic Auto.
Both companies will appoint board representatives in the firms they are buying stakes in, and form an after-sales service unit focusing initially on Singapore and Malaysia, they added.
Singapore-listed JC&C holds interests in various companies, including Indonesian conglomerate Astra and Vietnamese conglomerate Truong Hai Group Corp.
Shares of JC&C have jumped 19.7 per cent year-to-date, outperforming a relatively flat local benchmark stock index, according to Refinitiv data.
Continue reading...