JP\/13\/Tunas<\/p>\n
Jardine C&C buys 33.7% stake in Tunas Ridean<\/p>\n
Dow Jones
\nSingapore<\/p>\n
Singapore's Jardine Cycle & Carriage Ltd. said on Friday that
\nit has bought a 33.7 percent stake in Indonesia's PT Tunas Ridean
\nfor US$19.8 million.<\/p>\n
Tunas Ridean is a Jakarta-listed company that sells new and
\nused automobiles and motorcycles in Indonesia.<\/p>\n
The stake price represents approximately 3.4 percent of the
\naudited consolidated net tangible assets of Jardine Cycle &
\nCarriage of S$1 billion (US$591 million) as at Dec. 31, 2002, the
\nSingapore company said in a stock exchange announcement.<\/p>\n
Jardine Cycle & Carriage, which sells Mercedes-Benz, Kia
\nMotors and Mitsubishi cars in Singapore, already owns a 38
\npercent stake in Indonesia's largest-listed auto company PT Astra
\nInternational.<\/p>\n
"The acquisition provides JC&C with the opportunity to
\nstrengthen its presence in the Indonesian automobile industry,"
\nthe Singapore company said in the statement.<\/p>\n
Jardine Cycle & Carriage has been actively raising its profile
\nin Indonesia since its initial purchase of a stake in Astra four
\nyears ago.<\/p>\n
The Indonesian company now contributes about 80 cents of every
\ndollar Jardine Cycle & Carriage earns.<\/p>\n
The Jardine Strategic Holdings-majority owned company said it
\nwould fund the stake purchase through internal resources and bank
\nborrowings.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/jp13tunas-1447899208",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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