China Yuchai Entered Agreementt For Sale Of Suzhou Remanufacturing Unit To Beijing Liandong For RMB 179.94M

Author: Charles Gross | December 31, 2023 10:55am

China Yuchai International Limited (NYSE:CYD) ("China Yuchai" or the "Company), one of the largest powertrain solution manufacturers through its main operating subsidiary in China, Guangxi Yuchai Machinery Company Limited ("GYMCL"), today announced that GYMCL has recently entered into an agreement with Beijing Liandong Jinyuan Management Technology Co., Ltd. ("Beijing Liandong") for the sale of GYMCL's 100% equity holding in Yuchai Remanufacturing Services (Suzhou) Co., Ltd. ("Suzhou Reman") to Beijing Liandong. The consideration for the transaction will be in the form of cash and it will be paid into an escrow account in phases. The consideration is RMB 179.94 million, along with the book value of cash and cash equivalents and an agreed-upon fair value for the equipment in Suzhou Reman as of the settlement date. The transaction is subject to, amongst others, the receipt of approval of the Suzhou Industrial Park Administrative Committee.

Posted In: CYD