An introduction to the Jardines

TO someone looking at the Singapore market for the first time, it might be somewhat puzzling that about one-eighth of the weight of the benchmark Straits Times Index (STI) - made up of three stocks - is not covered by local brokers.

These stocks form part of the Jardine conglomerate: Jardine Matheson Holdings, Jardine Strategic Holdings, and Jardine Cycle and Carriage (C&C). If you include the full revenue contribution of all its associates and joint ventures, the ultimate holding company, Jardine Matheson, takes in about US$60 billion in revenue every year.

The history of the group is intertwined with the politi…