SINGAPORE, Aug. 23, 2017 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the
"Company"), a leading manufacturer and distributor of engines for
on-and off-road applications in China through its main operating subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today
that its subsidiary, Guangxi Yuchai Accessories Manufacturing
Company Limited ("GYAMC"), has acquired the remaining 25% equity
interest in Guangxi Yuchai Crankshaft Co., Ltd. ("GY Crankshaft")
from its joint venture partner, Guangxi Yuchai Machinery Group
Company Limited ("GYM Group") ("Acquisition"). As a
result of the Acquisition, GY Crankshaft is now a wholly owned
subsidiary of GYAMC.
The total consideration was RMB1,335,000 which was satisfied in cash and
funded through internal sources.
The consideration for the Acquisition was determined on a
"willing-buyer willing-seller" basis based on the final network bid
price under a public tender organized by Beibu Gulf Equity Exchange
Group. This consideration represents a premium of approximately
0.88% over the market value of the 25% equity stake as of
September 30, 2016. An
independent valuation report dated February
23, 2017, and prepared by the China United Assets Appraisal
Group Guangxi Limited Company and commissioned by GYM Group valued
the 25% equity stake in GY Crankshaft with a market value of
approximately RMB1,323,300 (using the
asset-based approach as the valuation method) as at September 30, 2016.
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