SINGAPORE, July 29 (Reuters) - Cycle & Carriage Ltd , Southeast Asia's fourth largest car company, on Tuesday proposed a one-for-three rights issue to raise up to S$248 million ($141.1 million) after a sharp jump in profits.
The company, which owns 35.1 percent of PT Astra International , said net profit for the second quarter to June had almost doubled to S$96.3 million due to the strong contribution from the Indonesian car maker.
C&C shares, suspended on Tuesday morning for the announcement, ended at S$4.98 on Monday.
Over the past three months, the stock has risen 24.5 percent, along with a 23-percent gain at Astra as the Indonesian unit rode on a slew of positive news, including a debt buy-back and possible dividend payment for 2003.
The benchmark Straits Times Index has risen about 26 percent over the same period.
($1=1.758 Singapore Dollar)