Singapore-based auto parts distributor Jardine Cycle & Carriage Ltd said June 15 that it had increased its stake in Vietnamese commercial-vehicle company Truong Hai Auto Corp. to 25.16% with the purchase of 1 million shares for 75 billion Vietnamese dong.
JC&C previously owned 25.10% of Truong Hai, which manufactures, assembles and distributes commercial vehicles such as trucks and buses.
The purchase was funded from internal reserves. The seller was not identified.
According to a statement from JC&C, the transaction will not have a material impact on the company's net tangible assets or earnings per share.
As of June 15, US$1 was equivalent to 22,817 Vietnamese dong.