C&C to pay Lazard $50m

C&C to pay Lazard $50m

SINGAPORE (Bloomberg): Cycle & Carriage Ltd., Singapore's third largest auto distributor, will pay $50 million for most of Lazard Asia Fund's stake in PT Astra International, Indonesia's largest carmaker.

Cycle & Carriage said in a statement it would purchase 3.9 percent of Astra from Lazard, adding to its 23.3 percent stake in the company. Lazard had partnered the Singapore company in a consortium which bought 38.4 percent of Astra for $506 million in March, securing a 4.2 percent stake for itself.

The company said the investment would position it to expand in the future.

"(Cycle & Carriage) believes that Astra International will benefit from the recovery of the economy and maintain its dominant position in the Indonesian automobile market," the company said in a filing to the Singapore Exchange.