Jardine Cycle & Carriage

It was first founded as Federal Stores in 1899 by a trader in nutmeg and sundries on Jalan Bandar (High Street) in Kuala Lumpur, Malaysia.[3] On 15 June 1899, it was renamed Cycle & Carriage by its founders, the Chua brothers, and thereafter, it expanded to sell bicycles, motorcycles, and eventually motor cars. In 1904, Cycle & Carriage shifted to the corner of High Street, Market Street and Market Square and subsequently expanded to Ipoh, Penang and Singapore.

During World War I, Cycle & Carriage suffered economically as a result of the shortage of supply for cars. The war, however, encouraged the development of automobile technology, stimulating interest in the motor car, and spurring demand for Cycle & Carriage's products in 1918. In that year, Cycle & Carriage was registered in the Federated Malay States with SG$250,000 in registered capital. In 1926, Cycle & Carriage shifted its headquarters to Orchard Road in Singapore,[4] with capital of SG$5 million and registered as a public company known as The Cycle & Carriage Company (1926) Limited.

World War II caused the company to cease operations, and its workshops, motor cars and trucks were absorbed by the Japanese during the Japanese occupation of Malaya and the Japanese occupation of Singapore. Following that in 1951, Cycle & Carriage was awarded the Mercedes-Benz franchise in Singapore, the first to carry the marque in Southeast Asia.

Cycle & Carriage launched plans to build an assembly plant in Hillview, Singapore. On 4 March 1965, the Minister for Finance (Singapore) Goh Keng Swee laid the foundation stone for the SG$2.5 million plant, and predicted that it would create 10,000 new jobs over the following five years. In 1969, the company launched an initial public offering, which was oversubscribed by 73 times, with a total offering of SG$241.65 million - which amounted to just a little short of the budget for the Ministry of Interior and Defense for that year.

By 1999, Jardine Matheson was a major shareholder in Cycle & Carriage Limited, with a 24.6% stake.[5] In 2002, Cycle & Carriage Limited became a subsidiary of Jardine Matheson when Jardine Strategic increased its stake to over 50%. In recognition of its distinguished operating history, and in the interests of integration to the Jardine Matheson Group, it was renamed Jardine Cycle & Carriage Limited.

Jardine Cycle & Carriage Limited has a 50.1% interest in Astra, a diversified group listed on the Indonesia Stock Exchange, with seven core businesses – automotive, financial services, heavy equipment, mining, construction and energy, agribusiness, infrastructure and logistics, information technology and property.

Astra is the largest independent automotive group in Southeast Asia. Its automotive business comprises the manufacture, distribution, retail and aftersales service as well as financing of motor vehicles and motorcycles. It is the sole distributor of Toyota, Daihatsu, Isuzu and Peugeot motor vehicles, a dealer of BMW motor vehicles and UD Trucks as well as a manufacturer and distributor of Honda motorcycles. Astra also manufactures and distributes automotive components. Astra’s financial services consist of consumer financing for motor vehicles and motorcycles, heavy equipment financing and banking, as well as general and life insurance. In addition, Astra is the sole distributor of Komatsu heavy equipment, and participates in general construction, mining services and thermal power businesses. Astra’s agribusiness includes the cultivation, harvesting and processing of palm oil. Its infrastructure and logistics businesses include toll roads development and management, with a total interest in 353km of toll roads. Astra is also the sole distributor of Fuji Xerox office equipment in Indonesia. Astra’s property business includes the Grade A office building, Menara Astra, the 509-unit Anandamaya Residences and two residential development projects, namely Arumaya in South Jakarta and Asya in East Jakarta, as well as a 3-hectare (7.4-acre) residential and commercial development in Jakarta's Central Business District.

In 2008, Jardine Cycle & Carriage Limited acquired 20.5% interest in Truong Hai Auto Corporation (THACO), Jardine Cycle & Carriage's shareholding now stands at 26.6%. THACO is a multi-business group with interests in automotive, property development, agriculture and logistics. THACO is the largest automotive company in Vietnam, it manufactures, assembles, distributes, retails and provides aftersales service of commercial and passenger vehicles, representing BMW, Kia, Mazda, MINI, Peugeot, FOTON and FUSO. It also engages in residential and commercial property development, as well as agriculture in Vietnam, Laos and Cambodia. Additionally, THACO provides logistics services from warehousing, freight forwarding to seaport services.

Refrigeration Electrical Engineering Corporation (REE Corp) is a diversified business group in Vietnam, listed on the Ho Chi Minh Stock Exchange. With 29.0% held by Jardine Cycle & Carriage Limited, REE Corp has operations in power and water utility infrastructure, property and M&E services. Jardine Cycle & Carriage first acquired a 10.24% interest in REE Corp in 2012.

Vinamilk is the largest dairy producer in Vietnam with about 59% domestic market share[6] and is also one of the largest companies by market capitalisation on the Ho Chi Minh Stock Exchange.[7] In 2017, Jardine Cycle & Carriage Limited first acquired an interest in Vinamilk and currently holds a 10.6% stake in the company. Vinamilk is known for its wide range of dairy products which are sold across 250,000 retail points in Vietnam and exported across the region. The company has also topped Forbes Vietnam's top 50 brands in Vietnam listed companies for seven consecutive years.[8]

In 2015, Jardine Cycle & Carriage Limited acquired a 24.9% interest in Siam City Cement, the second largest cement manufacturer in Thailand.[9] Siam City Cement also has a leading presence in South Vietnam, Thailand, Cambodia and Bangladesh. Jardine Cycle & Carriage now holds 25.5% in Siam City Cement. SCCC is listed on the Stock Exchange of Thailand and operates across South and Southeast Asia, producing concrete and other building materials.

Cycle & Carriage Singapore (100%) is a leading automotive group in Singapore. It is engaged in the distribution, retail and aftersales service of Mercedes-Benz, Mitsubishi, Kia, Citroën, DS Automobiles and Maxus motor vehicles. It also retails used cars under its Republic Auto brand and has a car leasing business in Singapore. It is also the exclusive distributor of BYD electric forklifts in Singapore.

Cycle & Carriage Bintang (59.1%) is listed on Bursa Malaysia. With an extensive network of 13 outlets across the country, Cycle & Carriage Bintang is a leading Mercedes-Benz dealer group in Malaysia, providing sales and aftersales services for Mercedes-Benz passenger cars and commercial vehicles, which includes FUSO trucks.

In 2013, Jardine Cycle & Carriage Limited established a 60% joint-venture, Cycle & Carriage Myanmar, which distributes, retails and provides aftersales services for Mercedes-Benz and Mazda passenger cars and commercial vehicles, as well as FUSO commercial vehicles in Myanmar.

Tunas Ridean (46.2%) is listed on the Indonesia Stock Exchange and is a leading automotive dealer group in Indonesia. It represents Toyota, Daihatsu, BMW and Isuzu motor vehicles, as well as Honda motorcycles. Tunas Ridean also offers automotive rental and fleet management services. Additionally, it provides vehicle financing through its associate, Mandiri Tunas Finance.

Jardine Cycle & Carriage Limited supports the mental health community in Singapore through MINDSET Care Limited (“MINDSET”), which is the registered charity of the Jardine Matheson Group in Singapore. Established in 2011, it was introduced in Singapore to make a difference in the area of mental health through raising awareness to reduce stigma, fund raising and allocation, establishing social enterprise initiatives to help people in recovery gain sources of income and encouraging reintegration by employment.

In October 2016, MINDSET Learning Hub was established between MINDSET and Singapore Association for Mental Health with a S$2 million pledge over 5 years from the Jardine Matheson Group. MINDSET Learning Hub aims to support people recovering from mental health issues reintegrate into the workforce by empowering them with relevant job skills through both Workforce Skills Qualifications (“WSQ”) and non-WSQ training, as well as source for job placement opportunities for them.

In August 2019, MINDSET launched a new intervention programme – DigitalMINDSET, in collaboration with TOUCH Community Services in Singapore. It is targeted at managing pathological youth gamers’ addictive behaviour, while keeping their mental health in check.

MINDSET's activities are strategised and run by Jardine Ambassadors, who are employee volunteers from the Jardines Group.

MINDSET is a member of the Global Alliance for Mental Health Advocates.

MINDSET was awarded the Charity Governance Award 2018 and Charity Transparency Awards 2016, 2017, 2018 and 2019 by the Charity Council. MINDSET was also named a Champion of Good in both 2018 & 2019 by the National Volunteer & Philanthropy Centre.

In celebration of Jardine Cycle & Carriage Limited's 120th anniversary in 2019, the company launched a series of University scholarships across Southeast Asia (Singapore, Indonesia, Malaysia, Vietnam, Thailand and Myanmar). Through a series of endowments and donations that are long-term in nature, about 70 Southeast Asia undergraduates will receive the Jardine Cycle & Carriage scholarship over 10 years. The Jardine Cycle & Carriage Scholarship reinforces the company's commitment to Southeast Asia.

Jardine Cycle & Carriage Limited has a three-decade tradition of supporting higher education. It has previously provided significant funding for university professorships as well as undergraduate scholarships. The Jardine Cycle & Carriage Professorship, established in 1984, is the longest running professorship in the National University of Singapore. Today, it still supports a chair in business administration and continues in perpetuity. Jardine Cycle & Carriage Limited was also one of the founding donors of the Lee Kuan Yew School of Public Policy as well as the Singapore Management University when these institutions were first set up.