Corporate digest

Jardine Cycle & Carriage

JARDINE Cycle & Carriage has made an unconditional voluntary buyout offer for Bursa-listed Cycle & Carriage Bintang (CCB), a Mercedes-Benz dealer with a network of 12 outlets in Malaysia.

The company, with 59.1 per cent of the issued share capital of CCB, is offering to acquire the stakes that it does not own at RM 2.40 (S$0.78) a share or RM 98.9 million in total if there is full acceptance. CCB closed at RM1.68 on March 16.

The acquisition will be funded through internal resources and/or external borrowings, and is not expected to have a material impact on the Jardine Cycle & Carriage Group's net tangible assets or earnings per share.

Ho Bee Land

HO BEE Land's units have acquired three residential development sites in Australia for A$103.73 million (S$107.83 million), which are expected to yield about 1,200 residential lots in total.


HB QLD has acquired a 27.15ha site 30km from the Brisbane CBD and it expects to build 323 lots there.

HBL VIC has acquired a 59.73ha site in between two future rail stations and located 28km west of the Melbourne CBD. The acquired land will be developed into 755 residential lots, with a 3.5ha school, a 5.67ha regional sports reserve and a 8.2ha future development parcel planned for the site as well. It has separately bought an 8.31ha site 50km south-east of Melbourne CBD, and it expects to build 119 residential lots on the land.

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