Singapore apos;s Jardine Cycle Carriage In 60 Mln Deal With Online...

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June 16 (Reuters) - Singapore-based investment holding company Jardine Cycle & Carriage Ltd (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)



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