Jardine C&C completes rights issue

Successful completion of deal by Singapore-listed company may herald a more active M&A strategy as it diversifies away from auto business.
Long history oiling the wheels of Asian commerce
Long history oiling the wheels of Asian commerce

Jardine Cycle Carriage, the Singapore-listed automotive subsidiary of Hong Kong conglomerate Jardine Matheson Group, has successfully completed a S$1 billion $749 million 1-for-9 rights issue.

The group received applications for 48.5 million shares, representing an oversubscription rate of 22.7% relative to the 39.5 million new shares issued, according to the company’s exchange filings.

Jardine Strategic, which owns a 74.34% stake in the group, subscribed to its entitlement in full.

Existing shareholders who subscribed to the rights at S$26 per share will now be hoping the share price continues to bounce back given it closed Tuesday at S$31.09, below the theoretical ex-rights price of S$35.05....

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