Jardine Cycle & Carriage (JC&C) (SGX: C07) has announced a proposed special dividend of approximately US$0.73 per share. This includes a cash component and a direct distribution in specie of the company's remaining stake in Japanese automaker Toyota Motor Corporation. The move is part of a strategy to sharpen the focus of the company's portfolio and enhance returns for shareholders.

Shares of JC&C soared about 7% on the news.

The cash portion of US$0.37 per share is being funded by Jardine's divestments of Toyota shares listed in Tokyo, which occurred in April. Meanwhile, the distribution in specie involves around 7.2 million common shares of Toyota, valued at roughly US$0.36 per share.

When combined with the previously declared interim dividend of US$0.28 per share—unchanged from the same period last year—total dividends for the period amount to approximately US$1.01 per share. This distribution is subject to shareholder approval at an upcoming extraordinary general meeting (EGM).