Jardine Cycle & Carriage (Jardine C&C) is acquiring the 30% stake, or 300,000 shares in the issued share capital of Republic Auto for a cash consideration of $30 million.

Currently, Jardine C&C holds 70% interest in Republic Auto. Following the acquisition, Republic Auto will become a wholly-owned subsidiary of the company.

The acquisition will take place across two tranches, with 250,000 shares acquired by Jardine C&C for $25 million on June 30, with the remaining shares to be acquired on June 30, 2022.

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