SINGAPORE, Singapore, April 19, 2017 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") announced today that its indirect subsidiary, Guangxi Yuchai Machinery Monopoly Development Co., Ltd ("Yuchai MM"), has made ownership changes in two subsidiaries.
Yuchai MM has acquired the remaining 47.53% equity interest in Sichuan Yuchai Machinery Industrial Development Company Limited ("Sichuan MI"), from its joint venture partners, Sichuan Yuhua Automobile Business Trading Company Limited and Sichuan Quanxin Automobile Spare Parts Company Limited, for an aggregate consideration of RMB 8,922,900. Yuchai MM currently holds a 52.47% shareholding interest in Sichuan MI. With this acquisition, Sichuan MI now becomes a wholly-owned subsidiary. The consideration for the Sichuan MI Acquisition was arrived at on a "willing-buyer willing-seller" basis based on the asset value of Sichuan MI set out in an independent valuation report dated 18 July 2016 from China Enterprise Appraisals Co., Ltd which was commissioned by Yuchai MM.
Yuchai MM has also acquired the remaining 20% equity interest in Chongqing Yuchai Machinery Monopoly Company Limited ("Chongqing MM"), from its joint venture partner, Chongqing Kehai Material Company Limited ("Chongqing Kehai"), for a consideration of RMB154,000. Yuchai MM currently holds a 80% shareholding interest in Chongqing MM. With this acquisition, Chongqing MM now becomes a wholly owned subsidiary. The consideration for the Chongqing MM Acquisition was arrived at on a "willing-buyer willing-seller" basis and computed based on the net asset value of Chongqing MM as set out in its audited report dated 31 August 2016.
The consideration for the above two acquisitions were satisfied in cash funded through internal sources.
In addition, Guangxi Yulin Chijia Cars Spare Parts Company Limited and Guangxi Yulin City Yubin Commerce Trading Co., Ltd, both indirect wholly-owned subsidiaries of CYI were both de-registered from the Companies Registry in the People's Republic of China.
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.
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SOURCE China Yuchai International Limited