Singapore markets closed

Jardine C&C launches Southeast Asian scholarship fund

Pauline Wong

SINGAPORE (Aug 1): Singapore-listed conglomerate Jardine Cycle & Carriage has announced a scholarship fund in collaboration with six universities across Singapore, Malaysia, Thailand, Vietnam, Myanmar and Indonesia.

The company says the scholarship programme will partner with the universities through a series of long term endowments and donations, and will disburse scholarships to about 70 students over the next 10 years.

The partner universities are National University of Singapore, Universitas Indonesia, University of Malaya, Vietnam National University, Chulalongkorn University and University of Yangon.

Open to undergraduate students pursuing degrees across a broad range of disciplines, selection criteria for the scholarships include excellent academic performance, high commitment to the performance of public duties, strong community involvement and household income. The first intake will start in August 2019.

Alex Newbigging, Jardine C&C group managing director, says: “The launch of the scholarship reinforces [our] commitment to invest in Southeast Asia. Our longstanding presence in the region is underpinned by the many valued partnerships that we have built over the years. Our partnerships are not only about business opportunities, but also to create positive social impact.”

“By improving access to education and working together with our partner universities, our aim is to help build stronger and more prosperous communities across the region,” he adds.

Jardine C&C was also one of the founding donors of the Lee Kuan Yew School of Public Policy as well as the Singapore Management University when these institutions were first set up.

The investment holding company of the Jardine Matheson Group in Southeast Asia, Jardine C&C holds a 50.1% interest in Astra, a diversified group in Indonesia, which is also the largest independent automotive group in Southeast Asia.

It also has significant interests in Vietnam, including a 26.6% stake in Truong Hai Auto Corporation, 24.9% in Refrigeration Electrical Engineering Corporation, and 10.6% in Vinamilk.

Its 25.5%- owned Siam City Cement also has a presence in South Vietnam, in addition to operating in Thailand, Cambodia and Bangladesh.

The other investments in JC&C’s portfolio are the Cycle & Carriage businesses in Singapore, Malaysia and Myanmar, and the 46.2%-owned Tunas Ridean in Indonesia.

Shares in Jardine C&C closed $1.36 lower, or down 3.9%, at $33.81 on Wednesday.