Jardine Cycle & Carriage Ltd. (JCC) is one of Singapore's 50 largest corporations, in part because of its strategic stake in regional automotive powerhouse PT Astra International. It has an interest 50% in Astra a premier listed Indonesian conglomerate as well as other motor interests in Southeast Asia. The company's motor vehicle arm is one of the largest automobile retailers and distributors in Singapore, and has a strong share of the Malaysian market, through its 59 percent stake in Cycle & Carriage Bintang Bhd.The JC&C Group represents some of the world’s leading motoring marques including Mercedes-Benz, Toyota, Honda and Kia. Since the early 2000s, JCC also has begun a drive to expand its automotive business into the greater regional market, establishing a subsidiary in Thailand. JCC's property development wing is operated through its 66 percent stake in publicly listed subsidiary MCL Land. That company is one of Singapore's largest property developers, with an assets portfolio worth more than SGD 5 billion. Two brothers, named Chua founded in 1989 as Cycle & Carriage. The company has been majority controlled by the Jardine Matheson group since 2002.
B. Vision Statement
Our vision is to be one of leading provide high quality; value added solutions and construction services to our clients through sustainable growth of our organization
C. Mission Statement
C&C’s mission is to maintain our position as a premier motor vehicle and property group by continually providing customers with the highest-quality products and services. From our humble beginnings more than 100 years ago, we have grown into a regional force comprising close to 200 subsidiaries and associates spanning the region. With a highly-focused business portfolio and dedicated workforce, we are confident of moving ahead and maintaining a strong foothold in the automotive and property markets in the region.
D. External Audit
1. In 2000, C&C announced that it was leading a consortium to purchase a minority share in PT Astra International. Page195
2. The oil crisis in the 1970s prompted the company to diversify further into areas such as marine and locomotive engines, medical equipment, television and radio products, and merchant banking. Page195
3. Mercedes-Benz cars were C&C’s most important product in Singapore, with the sales of 2,468 of these cars accounting for 80% of its total profitts in 1999. Page196
4. In 1990s, rapid economic growth and the perception of cars as status symbols had led to rapidly growing demand in Singapore. Page196
5. C&C believed that Astra represented “a unique apportunity”. Page201
6. By September 2000, C&C had increased its stake in Astra by another 6.4%, paying more than S$100 million to buy the shares of two consortium partners who had decided to dispose of their investments. Page203
7. In early 2003, C&C increased its ownership in Astra by 3.2% to 34.3%, at cost of S$143 million. page205
8. C&C tabled an S$80 million bid for 20% of Malaysia’s largest metal-can manufacturer to develop a third core business to complement its existing car and property interests. Page199
9. C&C made a S$16 million bid for the New Zealand Government-owned Vehicle Testing Limited. Page199
10. C&C purchased a New Zealand trucking firm for about S$40 million, and started a used-car business. Page199
1. DaimlerChrysler confirmed that it would distribute its own cars from 2001. Page195
2. A recession in 1986 led to the C&C’s first loss since its 1969. page196
3. In 1990s, the Singapore government’s transportation policy placed a heavy penalty on car ownership. Page196
4. The Indonesian government had reduced tariffs on imported cars, and was expected to reduce them further in future. Page200
5. IBRA had gained...