Jardine stocks rally: JC&C rises 7.6% on special dividend, JMH up 3.6%
I'm LongbridgeAI, I can summarize articles.Jardine Matheson Holdings shares rose 3.6% following a 9% increase in H1 underlying profit to US$735 million. Its subsidiary, Jardine Cycle & Carriage, surged 7.6% after proposing a special dividend of US$0.73 per share, including cash and Toyota shares. Additionally, Hongkong Land gained 1.1%, while JC&C's real estate fund acquired Wheelock Place for S$1.1 billion.
[SINGAPORE] Shares of Jardine Matheson Holdings (JMH) rose as much as 3.6 per cent on Friday (Jul 31) morning. This was on the back of its 9 per cent growth in underlying profit for the first half ended Jun 30 to US$735 million, from US$676 million in the previous corresponding period.
The counter rose US$2.41 to hit US$70 shortly after market open at 9.02 am.
Meanwhile, JMH subsidiary Jardine Cycle & Carriage (JC&C) rose 7.6 per cent or S$2.16 to S$30.49.
Both groups released their financial results on Thursday.
While JC&C reported an 11 per cent year-on-year drop in underlying profit to US$473 million, down from US$529 million, it also proposed a special dividend of around US$0.73 per share, comprising a cash distribution and an in-specie distribution of its remaining Toyota Motor shares.
The cash payout of US$0.37 a share is funded by Jardine’s divestments of Tokyo-listed Toyota shares in April, while the distribution-in-specie of around 7.2 million common shares of Toyota is valued at around US$0.36 a share.
Hongkong Land also increased 1.1 per cent or US$0.09 on Friday morning to hit US$8.43.
On Thursday, the JMH subsidiary announced that its Singapore Central Private Real Estate Fund is buying Wheelock Place from Wharf Real Estate Investment Company for S$1.1 billion, in the fund’s first acquisition since its inception earlier this year.
The deal, expected to complete by end-August, will lift the fund’s assets under management to S$9.4 billion from S$8.2 billion.