SINGAPORE, Dec. 1, 2017 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the "Company")
announced today that HL Global Enterprises Limited ("HLGE") (a
company in which China Yuchai has a 48.9% equity interest) has
completed the sale of all its shares in LKN Investment
International Pte. Ltd. ("LKNII"), which holds hotel properties in
China, to an affiliate of Jingrui
Holdings Limited ("LKNII Disposal").
As announced by the Company on October
31, 2017, LKNII has completed the sale of its 60% equity
interest in Copthorne Hotel Qingdao Co., Ltd. ("CHQ Disposal").
Under the terms of the sale and purchase agreement relating to the
LKNII Disposal, the aggregate sum that HLGE is entitled to receive
pursuant to the LKNII Disposal on the basis that the CHQ Disposal
has been undertaken by LKNII would be approximately RMB604.88 million (before deducting tax and
relevant expenses, and subject to certain adjustments, if any). The
RMB604.88 million includes the
proceeds from the CHQ Disposal which have been distributed by LKNII
to HLGE by way of a combination of dividends and the redemption of
preference shares held by HLGE in LKNII.
On a preliminary basis, the Company expects to record a profit
after tax of RMB320.0 million and a
profit attributable to equity holders of the parent of RMB160.0 million as a result of the LKNII
Disposal and the CHQ Disposal.
About China Yuchai
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 they are 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