Jardine Cycle & Carriage Limited on Jul, 30 2026 proposed a special dividend that combines a cash payout with an in-specie distribution of shares in Toyota Motor Corporation and announced plans to amend its constitution to cover the handling of unclaimed non-cash dividends.

The special dividend totals about US$288 million. It comprises: • Cash Distribution: US$0.37 per share, or roughly US$146 million in aggregate. • Toyota Distribution: 7,226,200 Toyota shares (about 0.05% of Toyota’s outstanding stock), to be allotted at roughly 0.01828 Toyota share for every Jardine Cycle & Carriage share. Based on Toyota’s closing price of ¥3,224 on Jul, 29 2026 and an exchange rate of ¥164 to US$1, the stock component is valued at about US$142 million, equivalent to roughly US$0.36 per Jardine Cycle & Carriage share.

Shareholders may either receive the Toyota shares directly—provided they have a brokerage account able to hold Tokyo-listed securities—or opt for a company-arranged cash sale on the Tokyo Stock Exchange. Jardine Cycle & Carriage will bear the brokerage and dealing costs for these transactions. Fractional entitlements will be aggregated and sold, with proceeds distributed in cash.

The company is also seeking shareholder approval to expand Article 131 of its constitution, allowing it to hold unclaimed in-specie distributions on shareholders’ behalf under defined terms. Both the dividend plan and the constitutional amendment will be put to an extraordinary general meeting; the record date for entitlements will be announced once all regulatory clearances are secured.

If implemented, the distribution would reduce the group’s net tangible assets to US$7.49 billion from US$7.79 billion, trimming NTA per share to US$18.95 from US$19.72. Pro forma earnings per share for the 2025 financial year would ease to US$2.44 from US$2.52, while underlying EPS would slip to US$2.79 from US$2.81. The payout will not affect the number of issued shares.

The announcement follows recent portfolio streamlining, including exits from holdings in Siam City Cement, Vietnam Dairy Products and part of the company’s Toyota stake earlier in Apr, 2026. Jardine Cycle & Carriage said the move underscores its focus on capital allocation discipline and returning value to shareholders.

Separately, the board declared an interim tax-exempt dividend of US$0.28 per share for the year ending Dec, 31 2026.