News

Jardine Cycle & Carriage Limited ("JC&C") wishes to announce that its dormant wholly-owned subsidiary,Cycle & Carriage Pte. Limited ("CCPL") incorporated in Singapore has been struck off from the register ofcompanies pursuant to Section 344A of the Companies Act (Chapter 50 of Singapore).

Refer to the attached announcement to find out more.

Jardine Cycle & Carriage ("JC&C" or "the Group") today issues its Interim Management Statement for the third quarter of 2020.

In the first nine months of 2020, the Group's businesses were all impacted by the COVID-19 pandemic. Trading conditions were challenging, as both business and consumer sentiment were affected by the pandemic and the measures taken to control it. The Group's performance continues to be affected by these conditions, although there was some improvement in a number of the Group's businesses in the third quarter compared to the second quarter. 

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The stepping down of Non-Executive Non-Independent Director who is also Audit Committee Member

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Highlights

• Net earnings per share down 49% (before gain on sale of investment in Permata Bank) 
• Car sales down by 51%, while motorcycle sales fell by 38%
• Increased loan loss provisions in Financial Services
• Lower coal prices impact heavy equipment sales and mining contracting volumes
• Agribusiness benefits from higher crude palm oil prices
• Strong balance sheet

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Jardine Cycle & Carriage has released its 2019 Full Year Results Presentation to Analysts. The recorded audio webcast can be accessed at this here.

The Non-Executive Independent Director will be appointed on 1 January 2021. Refer to the attached announcement to read more.

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Highlights

• Underlying profit 66% lower at US$138 million
• Significantly weaker performances from Astra's automotive, financial services and heavy equipment and mining operations
• Direct Motor Interests down due to the temporary closure of automotive operations
• Other Strategic Interests impacted by Thaco's weaker performance and the timing of Vinamilk's interim dividend
• Interim dividend at US¢9 per share, 50% lower than 2019

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Highlights

• Net earnings per share down 44% (before gain on sale of investment in Permata Bank)
• Car sales down 45% and motorcycle sales down 40%
• Lower coal prices impact heavy equipment sales and mining contracting volumes
• Agribusiness benefits from higher crude palm oil prices
• Interest in Permata Bank sold resulting in proceeds of Rp16.8 trillion
• Strong balance sheet

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These are the minutes of the Adjourned 51st Annual General Meeting ("Meeting") of Jardine Cycle & Carriage Limited ("JC&C" or the "Company") held by way of electronic means on Friday, 22nd May 2020 at 11:30 am.

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Through an innovative team effort, Jardine Cycle & Carriage ("JC&C") and Cycle & Carriage Singapore ("CCS"), jointly raised S$83,000 for REACH Community Services Society. Donations will be channeled to REACH Community Services' 'Be our Beacon of Hope' fund, which supports over 4,000 beneficiaries whose lives have been impacted by COVID-19.

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The Board of Directors of Jardine Cycle & Carriage Limited wishes to announce the appointment of new lead independent director and composition of board committees. All appointments are effective from the conclusion of the Adjourned Annual General Meeting.

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The stepping down of Non-Executive Independent Director who is also Lead Independent Director, Remuneration Committee Chairman and member of Audit Committee and Nominating Committee.

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Jardine Cycle & Carriage wishes to inform that Astra has announced that it has on 20 May 2020, signed a deed of acquisition (the "Deed of Acquisition") with SCB and the Purchaser relating to the completion of the sale of all shares respectively owned by Astra and SCB in Bank Permata to the Purchaser, and that by the signing of the Deed of Acquisition and the transfer of the Sale Shares, Astra has completed the sale of the Sale Shares to the Purchaser (the "Disposal"). Following the Disposal, the JC&C Group ceases to have any shares in Bank Permata.

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Jardine Cycle & Carriage Limited ("JC&C") would like to thank shareholders for submitting their questions in advance of our adjourned 51st Annual General Meeting (the "Adjourned AGM") to be held by electronic means at 11.30 a.m. on 22 May 2020.

Please see the attached announcement for our full responses to substantial questions which are relevant to the resolutions being tabled for approval at the Adjourned AGM. Questions which overlap or are related to the same theme are addressed in the same response.

The Jardine Cycle & Carriage Sustainability Report 2019 is available for download at the JC&C website: www/jcclgroup.com/sustainability/overview.

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NOTICE IS HEREBY GIVEN that the adjourned 51st Annual General Meeting of the Company (the "Adjourned AGM") will be convened and held by way of electronic means on Friday, 22 May 2020 at 11.30 a.m. (Singapore time) to transact the business set out in the Company's Notice of Annual General Meeting dated 3 April 2020 (the "Notice of AGM").

Printed copies of the Notice of AGM were previously sent to shareholders on 3 April 2020. The Notice of AGM may be accessed at the AGM 2020 page of the Company’s website at the URL https://www.jcclgroup.com/investor-relations/agm-2020/ by clicking on the hyperlink "Notice of AGM dated 3 April 2020". The Notice of AGM is also available on the SGX website at the URL https://www.sgx.com/securities/company-announcements.

Refer to the attached announcement to read more.

Highlights

• Net earnings per share down 8%
• Car sales down 3% and motorcycle sales down 5% but market shares increase
• Lower coal prices impact heavy equipment sales and mining contracting volumes
• Agribusiness benefits from higher crude palm oil prices

Refer to the attached announcement to read more

Jardine Cycle & Carriage ("JC&C") today issues its Interim Management Statement for first quarter of 2020.

The Group experienced challenging trading conditions in the first quarter as conditions began to deteriorate across its markets due to the spreading COVID-19 pandemic. The impact of COVID-19 and the measures to contain it on the Group's businesses have increased significantly in April, with effective lockdowns and social distancing measures resulting in temporary closures of many of the Group's businesses.

Both business and consumer sentiment are expected to remain weak for some time and the Group's performance in the current period will be significantly impacted.

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Jardine Cycle & Carriage Limited refers to its announcement dated 12 December 2019 in relation to PT Astra International Tbk's ("Astra") entry into of a conditional share purchase agreement with Standard Chartered Bank ("SCB") and Bangkok Bank Public Company Limited ("Purchaser") for the sale of shares owned respectively by each of Astra and SCB in PT Bank Permata TBK to the Purchaser.

All capitalised terms used and not otherwise defined herein shall have the same meanings ascribed to them in the 12 Dec Announcement.

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In view of the heightened safe distancing measures announced on 3 April 2020, Jardine Cycle & Carriage's Annual General Meeting originally scheduled for 24 April 2020 has to be deferred to a future date. Please see attached AGM Deferment Notice for further details.

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Jardine Cycle & Carriage has published its Annual Report 2019, Letter to Shareholders dated 3 April 2020 and related forms.

The Annual Report 2019 and Letter of Shareholders are also available at JC&C’s corporate website at https://www.jcclgroup.com/investor-relations/annual-reports/.

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Due to the COVID-19 situation, shareholders should refrain from attending the AGM in person, and refrain from sending another person as proxy or representative to attend the AGM. The Company is required to fully comply with prevailing safe distancing measures imposed by the government, including limiting the number of persons at the AGM.

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Jardine Cycle & Carriage has released its 2019 Full Year Results Presentation to Analysts. The recorded audio webcast can be accessed at this here.

Refer to the attached announcement to read more.

Highlights

• Underlying profit at US$863 million
• Stable performance from Astra
• Direct Motor Interests down due to Singapore and Malaysia
• Other Strategic Interests impacted by Thaco's lower automotive profits

Refer to the attached announcement to read more.

Highlights

• Net earnings per share stable at Rp536
• Motorcycle sales up 3% but car sales down 8%, both with increased market shares
• Higher earnings contribution from financial services and gold mining operation
• Heavy equipment, coal mining and agribusiness activities impacted by lower commodity prices

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Jardine Cycle & Carriage Limited refers to its announcement dated 11 November 2019 and 14 January 2020. All capitalized terms used and not otherwise defined herein shall have the same meanings ascribed to them in the Previous Announcements. Further to the Previous Announcements, JC&C wishes to inform that the special resolution relating to the SCR Exercise was voted on at Cycle & Carriage Bintang Berhad's extraordinary general meeting held today and was not passed. As a result, the SCR Exercise will not proceed.

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Jardine Cycle & Carriage Limited wishes to announce that its wholly-owned subsidiary, Platinum Victory Pte. Ltd. ("PVPL"), has purchased 17,250 shares in Refrigeration Electrical Engineering Corporation ("REE") for an aggregate cash consideration of approximately USD0.03 million. As a result of the purchase, PVPL's shareholding in REE has increased from 29.008% to 29.014%.

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The notice of extraordinary general meeting of CCB and a circular to its shareholders in relation to the SCR Exercise (the "Circular").

CCB's extraordinary general meeting will be held on 11 February 2020 at 11.00a.m. for the purpose of seeking the approval of the CCB Entitled Shareholders for the SCR Exercise.

Refer to the attached announcement to read more.