JARDINE International Motors Holdings Ltd, which is scheduled to issue its interim report today, has outlayed more than HK$1 billion in the last four years to rationalise and expand the Jardine Matheson group's motor sales operations.
In doing so, the listed car distribution division of the Jardine Matheson group has extended its motor trading operations to eight markets on four continents.
The latest step in the group's expansion is the US$26.6 million acquisition of the motor vehicle dealerships, and related motor businesses and assets of Compagnie Internationale de Commerce et d'Approvisionment (CICA).
CICA is currently a French publicly listed company and a 64.9 per cent-controlled subsidiary of France's Pinault-Printemps Group.
CICA's is the largest independent motor vehicle dealership group in France, and includes 26 motor vehicle dealership representing a number of manufacturers, including Mercedes-Benz, BMW, Peugeot and Ford.
The CICA purchase is Jardine International Motors' eighth acquisition in four years, three of them being from Jardine Matheson, one from Jardine Pacific and the others from outside of the group.