SINGAPORE, May 8, 2019 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the
"Company") announced today that Mr. Tan
Aik-Leang had resigned as Chairman of the Audit Committee
("AC") with effect from May 2, 2019.
Mr. Xie Tao, who was appointed as an
independent director on April 10,
2019, has replaced Mr. Tan as AC Chairman with effect on
May 2, 2019.
Mr. Tan will remain as a member of the AC until May 10, 2019 to assist in the transition. With
effect from May 11, 2019, Mr. Tan
will officially resign as an independent director of China Yuchai.
There were no disagreements between Mr. Tan
and China Yuchai on any matter relating to the Company's
accounting operations, policies or practices.
Mr. Xie has more than 30 years of experience in corporate
management and financial advisory including mergers and
acquisitions, corporate finance and transaction services. For
nearly 23 years, he spent the major part of his career with
PricewaterhouseCoopers. Between 2012 and 2014, he was a
partner at Ernst & Young, then Deloitte, as a leader of
transaction services and corporate finance business.
The Board of Directors expresses its appreciation to Mr. Tan for
his long service and contributions to the Company. The Board
is also confident that his successor, Mr. Xie, will make
great contributions to the Company with his extensive
experience.
With Mr. Tan's resignation as an independent director on
May 11, 2019, China Yuchai's Board of
Directors will be comprised of nine (9) directors, three (3) of
whom are independent directors.
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 2018,
GYMCL sold 375,731 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:
Investor Relations
Kevin Theiss
Tel: +1-212-521-4050
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited