SINGAPORE, Aug. 29, 2017 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the "Company")
announced today that LKN Investment International Pte. Ltd.
("LKNII"), a wholly-owned subsidiary of HL Global Enterprises
Limited1 ("HLGE") (a company in which China Yuchai has a
48.9% equity interest), entered into a conditional equity
transaction agreement together with a supplemental agreement with
Qingdao Haiyi Jun Zhuo Culture Travel Property Investment Co Ltd
("Haiyi") to sell its 60% equity interest in Copthorne Hotel
Qingdao Co., Ltd. ("CHQ") to Haiyi ("Proposed Sale").
The consideration for the Proposed Sale is RMB214.35 million. Haiyi has also agreed, among
other things, to pay a sum of RMB15.65
million, together with interest, to LKNII as full settlement
of a shareholder's loan of a principal amount of RMB21.9 million granted by LKNII to CHQ.
Completion of the Proposed Sale is expected to take place before
October 2017. The financial effects
of the Proposed Sale on the Company have not been finalized and
will be announced once it is available.
1 HLGE is
a company listed on the Main Board of the Singapore Exchange
Securities Trading Limited ("SGX"). As disclosed in the Company's
Form 20-F, HLGE was placed on the Watch-list of the SGX on June 4,
2014 for failing to comply with the minimum criteria for continued
listing. The SGX has granted HLGE an extension of time to June 3,
2018 to comply with the minimum criteria for listing.
|
About China Yuchai International
China Yuchai International Limited, through its subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the
manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger
vehicles, construction equipment, marine and agriculture
applications in China. GYMCL also
produces diesel power generators. The engines produced by GYMCL
range from diesel to natural gas and hybrid engines. Through its
regional sales offices and authorized customer service centers, the
Company distributes its engines directly to auto OEMs and retailers
and provides maintenance and retrofitting services throughout
China. Founded in 1951, GYMCL has
established a reputable brand name, strong research and development
team and significant market share in China with high-quality products and reliable
after-sales support. In 2016, GYMCL sold 320,424 engines and is
recognized as a leading manufacturer and distributor of engines in
China. For more information,
please visit http://www.cyilimited.com.
Safe Harbor Statement
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe", "expect", "anticipate", "project",
"targets", "optimistic", "confident that", "continue to",
"predict", "intend", "aim", "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
including, but not limited to, statements concerning the Company's
operations, financial performance and condition are based on
current expectations, beliefs and assumptions which are subject to
change at any time. The Company cautions that these statements by
their nature involve risks and uncertainties, and actual results
may differ materially depending on a variety of important factors
such as government and stock exchange regulations, competition,
political, economic and social conditions around the world and in
China including those discussed in
the Company's Form 20-Fs under the headings "Risk Factors",
"Results of Operations" and "Business Overview" and other reports
filed with the Securities and Exchange Commission from time to
time. All forward-looking statements are applicable only as of the
date it is made and the Company specifically disclaims any
obligation to maintain or update the forward-looking information,
whether of the nature contained in this release or otherwise, in
the future.
For more information, please contact:
Kevin Theiss
Phone: +1 646-726-6511
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited