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. Acquisition by Jardine Matheson By 1999, Jardine Matheson was a major shareholder in Cycle & Carriage Limited, with a 24.6% stake. 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. Southeast Asia-Focused Business Portfolio Astra International 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 353 km 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. Focus in Vietnam Truong Hai Auto Corporation 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