| To : Business Editor | 29th June 2000 For immediate release |
Cycle & Carriage Limited
Purchase of Additional Shares in P.T. Astra International Tbk
The following press release was issued today by the Company's 25%-owned associate, Cycle & Carriage.
For further information, please contact:
| Forrest International Limited | Tel: (852) 2522 6475 (office) |
| Sue Gourlay | (852) 2501 7936 (direct) |
Cycle & Carriage Limited
Purchase of Additional Shares in P.T. Astra International Tbk
Cycle & Carriage Limited ("CCL") wishes to announce that it has on 29 June 2000 purchased 57,288,889 shares in P.T. Astra International Tbk ("Astra International") for a total consideration of US$20.9 million (the "Additional Shares"). The Additional Shares form 2.2% of the fully diluted share capital of Astra International, and are part of the 1,019,880,060 shares purchased from the Indonesian Bank Restructuring Agency by the Cycle & Carriage consortium in March 2000.
Prior to the acquisition of the Additional Shares, CCL owned 27.2% of the fully-diluted share capital of Astra International. The acquisition of the Additional Shares is in line with CCL's strategy to consolidate its position in the Southeast Asian automotive sector, and broaden its earnings base through Astra International's automotive and non-automotive businesses. CCL has been working closely with the management of Astra International and believes that it will continue to maintain its dominant position in the Indonesian automobile market.
The purchase of the Additional Shares will be funded by an existing loan facility. Had the transaction taken place in 1999 and assuming the earlier acquisition of Astra International shares had been completed, CCL's consolidated net tangible assets per share would have been reduced by about 13 cents to $3.01. On the same basis, CCL's consolidated earnings per share after exceptional and extraordinary items would have increased by 2.3 cents to 77.8 cents and the gearing of the CCL Group increased to about 68%. The figures are based on the audited accounts of CCL and Astra International for the year ended 31 December 1999. However, the financial impact on the CCL Group in the current year will be dependent on the trading performance of Astra International and the extent of the decline of the Indonesian Rupiah against the United States Dollar since the end of 1999.
None of the substantial shareholders or directors of CCL have any interest, direct or indirect, in the acquisition of the Additional Shares.
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