Jardine Matheson

It also acquires the remaining 50% of Gammon Construction it did not already own for US$330 million

Research house lowers its 12-month target price by 10% to S$23.50 from S$26

In addition to S$265 million sale price, S$333 million loan owed by JC&C will be novated to buyer

The distribution in specie of around 7.2 million common shares of Toyota is valued at about US$0.36 a share

JMH, JC&C and Hongkong Land all saw gains in early trade on Friday

Board declares interim dividend of US$0.65 per share; full-year dividend targeted to grow 5% to US$2.47 apiece

Christopher Ganis will assume the new role on Jul 1

They see JMH’s goals as ‘achievable minimum yardsticks’ that reinforce the group’s strategic transformation story

It is also eyeing annualised total shareholder return of at least 9% over the next five years