UPDATE 2-Singapore's Cycle & Carriage makes cash call

Newswire

(Adds analyst comment, details) SINGAPORE, July 29 (Reuters) - Cycle & Carriage Ltd (C&C), Southeast Asia's fourth-largest car company by market value, on Tuesday announced a rights issue to raise up to S$248 million ($141.1 million) after a sharp jump in profits. The cash raised will be used to repay debt after it spent S$831 million buying a 35.1 percent stake in Indonesia's largest car and motorcycle maker, PT Astra International . C&C acquired 23-percent of Astra in 2000, ...

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