UPDATE 1-Singapore Cycle & Carriage to raise funds

Newswire

(Adds details) SINGAPORE, July 29 (Reuters) - Cycle & Carriage Ltd , Southeast Asia's fourth largest car company by market value, on Tuesday announced a one-for-three rights issue to raise up to S$248 million ($141.1 million) after a sharp jump in second quarter profits. The firm's balance sheet was stretched after spending S$831 million buying a 35.1 percent stake in Indonesia's PT Astra International . It acquired 23-percent of Astra in 2000, and has raised its stake gradually this ...

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