Hong Leong Asia raises stake in China Yuchai International

China yuan coins

Hong Leong Asia said on Monday that its wholly owned subsidiary, Well Summit Investments, purchased 600,000 shares of New York Stock Exchange-listed China Yuchai International, or CYI, for a total of US$8.39 million.

The share purchases, which were made in the market between 19 November and 29 November, were at US$0.10 each and represented around 1.47 percent of CYI’s share capital, it said in a filing to SGX after the market close on Monday.

After the share acquisitions, Hong Leong Asia holds a total 16.96 million ordinary shares in CYI and one special share of US$0.10, it said.

That represents around 41.51 percent of CYI’s share capital as of 29 November, Hong Leong Asia said.

CYI, a Bermuda holding company, is a subsidiary of Hong Leong Asia and its major operations are in China, its website said. Its principal operating subsidiary is Guangxi Yuchai Machinery, which manufactures and sells light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, and marine and agriculture applications, the website said.

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