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Jardine Matheson increases stake in Jardine C&C; buys 444,900 shares at $27 apiece

Felicia Tan
·3-min read

Since January this year, JSS has bought a total of 5.46 million shares from the market.

Jardine Matheson Holdings (JMH), through Jardine Strategic Singapore (JSS), has increased its stake in Jardine Cycle & Carriage C07 (Jardine C&C) yet again.

According to a June 13 filing on the Singapore Exchange S68 (SGX), JSS bought 444,900 shares from the market at $27.0006 per share on June 12, bringing the total consideration to around $12.0 million.

Following the purchase, Jardine Matheson now owns 324.1 million shares or an 82.0% stake in Jardine Cycle & Carriage.

Since January this year, JSS has bought a total of 5.46 million shares from the market.

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On Jan 17, JSS purchased 151,700 shares at an average price of $28.83 apiece. The group then increased its stake on April 23, when it bought 150,400 shares at an average price of $26.46 per share.

On May 31, JSS bought 4.37 million shares – its largest to date this year – at an average price of $25.75 apiece.

JSS, again, bought 343,400 shares from the market on June 3 at an average price of $26.11.

JSS’s latest purchase on June 12 now brings JMH’s total stake in Jardine C&C to 82.002%.

Other directors have also bought shares in Jardine C&C since the year began. On March 15, Benjamin Birks, CEO of Jardine C&C, bought 11,000 shares from the market for $267,410 or $24.31 per share. Amy Hsu, group finance director, also bought shares from the market on May 27. Hsu purchased 7,000 shares for $191,870 or $27.41 per share.

On April 29, Jardine C&C reported “softer trading conditions” in its businesses in Indonesia and Vietnam in its business update for the 1QFY2024 ended March.

Astra, Jardine C&C’s 50.1%-owned subsidiary, reported a 5% decrease in its underlying profit. The sum excludes fair value adjustments from its equity investments.

Truong Hai Group Corporation (THACO), the group’s 26.6%-owned company, reported largely flat automatic sales volumes in the quarter while Direct Motor Interests reported lower profits. Jardine C&C owns a 100% stake in Direct Motor Interests in Singapore. It owns 97.0% of Direct Motor Interests in Malaysia, 60% in Myanmar and 49.9% in Tunas Ridean, its Indonesian company.

Under other strategic interests, Siam City Cement reported improved profits due to lower energy costs.

Jardine C&C also reported foreign exchange (forex) losses on its foreign currency loans in the current period.

The group expects to see headwinds for the remainder of the year as the “global geopolitical and economic uncertainties could further weigh on the economic recovery of the group’s markets”.

However, it remains confident that the quality of its overall portfolio will “deliver long-term growth”.

Shares in Jardine C&C closed 7 cents higher or 0.26% up at $27.05 on June 13.

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