Incorporation of Companies
27 March 2017, 12:00:00 am
The Board of Directors of Hong Leong Asia Ltd. (the "Company") wishes to announce the incorporation of the following companies:
(a) Incorporation of subsidiary
Guangxi Yuchai Machinery Company Limited ("Guangxi Yuchai Machinery"), a subsidiary of China Yuchai International Limited ("CYI"), which in turn is a subsidiary of the Company, has incorporated a wholly-owned subsidiary in the People's Republic of China known as "Guangxi Yuchai Deyou Engine Co., Ltd." ("Guangxi Yuchai Deyou").
The registered and paid-up capital in Guangxi Yuchai Deyou of RMB20 million was satisfied in cash and funded through internal sources.
The principal activities of Guangxi Yuchai Deyou are those relating to the development, installation, testing, maintenance and sales of engines, related parts and components; and the import and export of goods.
(b) Incorporation of joint-venture company
Further to the announcement entitled "Rolls-Royce and China Yuchai to Jointly Produce MTU Engines" released by the Company on 19 February 2016, Guangxi Yuchai Machinery and MTU Friedrichshafen GmbH (a subsidiary of Rolls-Royce Power Systems) have set up a 50/50 joint venture company in the People's Republic of China known as "MTU Yuchai Power Company Limited" ("MTU Yuchai") to produce MTU Series 4000 diesel engines compliant with China Tier 3 emission standards, primarily for the Chinese off-highway market, and in particular for power generation and oil & gas applications.
The registered and paid-up capital in MTU Yuchai is RMB150 million. The equity contribution from Guangxi Yuchai Machinery of RMB75 million was satisfied in cash and funded through internal sources.