On March 19, Jardine Cycle & Carriage Group managing director Benjamin Birks acquired 25,000 shares of the company for a consideration of S$569,250 at S$22.77 per share.

 

The following session saw group finance director, Stephen Gore also acquiring 25,000 shares at an average price of S$22.79 per share.

 

After joining Jardine Matheson in 2000, Mr Birks has held senior positions within the retail, automotive, business outsourcing and technology businesses of the Jardine Matheson Group.

 

Prior to his current appointment, he was CEO of Jardine International Motors, Zung Fu Group and Jardine Pacific between 2012 and 2019. Mr Gore joined the Jardine Matheson Group in 2017 as CFO, Jardine Pacific and Jardine Motors Group.

 

He was previously managing director, head of Mergers & Acquisitions and Financial Sponsors Group, APAC at Bank of America Merrill Lynch from 2012 to 2017.

 

Prior to that, he was managing director, head of Mergers & Acquisitions and Corporate Finance, Asia (ex-Australia, ex-Japan) at UBS AG' s Investment Bank Division.

 

On Feb 26, Jardine Cycle & Carriage Group reported its FY20 (ended Dec 31) results. During the March 1 results briefing, Mr Birks acknowledged that the uncertain operating environment seen in FY20 remains with challenging trading conditions, adding that the group remains confident about the long-term economic prospects for South-east Asia, and will remain focused on delivering its strategic objectives.

 

While Astra' s contribution to Jardine Cycle & Carriage' s FY20 underlying profit declined 57 per cent year on year to US$309 million, its other strategic interests segment declined 5 per cent year on year to US$120 million.