Singapore's Jardine Cycle & Carriage in $60 mln deal with online car marketplace (updated)

Jardine Cycle & Carriage

16/06/2023 04:42

(Adds more details of the partnership in paragraphs 3 and 4)
       June 16 (Reuters) - Singapore-based investment holding
company Jardine Cycle & Carriage Ltd  JCYC.SI  (JC&C) was
partnering with online used car marketplace Carro in a deal
worth over $60 million, the companies said on Friday. 
    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% year-to-date,
outperforming a relatively flat local benchmark stock index,
according to Refinitiv data. 
  

 (Reporting by Echha Jain in Bengaluru and Yantoultra Ngui in
Singapore; Editing by Nivedita Bhattacharjee)
 ((Echha.Jain@thomsonreuters.com;))