Jardine Cycle & Carriage Limited announced that it has incorporated a new wholly-owned subsidiary known as Cycle & Carriage Leasing Pte. Ltd. (CCL) in Singapore with an initial capital of S 1.00. The principal activity of CCL is vehicle leasing. The incorporation is not expected to have a material impact on the JC&C Group's net tangible assets or earnings per share. Had the incorporation taken place on 1 January 2018, it would not have had a material impact on the JC&C Group's earnings per share for the financial year ended 31 December 2018. Had the incorporation taken place on 31 December 2018, it would not have had a material impact on the JC&C Group's net tangible assets per share for the financial year ended 31 December 2018. None of the directors or controlling shareholders of JC&C has any interest, direct or indirect, in the incorporation.