Jardine Cycle & Carriage (JC&C) has proposed a special dividend that includes an in-specie distribution of approximately 7.2 million common shares of Toyota Motor Corp. The share component is valued at about US$0.36 per share, complementing a cash dividend of roughly US$0.73 per share.
The in-specie payout represents an uncommon route for capital return, allowing shareholders to receive equity in a major automotive manufacturer rather than cash.
This structure effectively transfers ownership stakes in Toyota directly to JC&C investors, aligning their interests with the Japanese automaker's performance.
Such distributions are rare in the Singapore market, where cash dividends remain the standard.
The move highlights JC&C's strategic link to Toyota, one of its key subsidiaries, and offers shareholders direct exposure to the global auto giant's valuation.
Investors will need to consider the tax implications and liquidity of holding Toyota shares, which trade on the Tokyo Stock Exchange.