Increase of shareholding in YC Europe Co., Limited
1 March 2017, 12:00:00 am
The Board of Directors of Hong Leong Asia Ltd. (the "Company") wishes to announce that Guangxi Yuchai Machinery Company Limited("GYMCL"), a subsidiary of China Yuchai International Limited, which inturn is a subsidiary of the Company, has acquired a further 32.5% equityinterest in YC Europe Co., Limited ("YC Europe") (the "Acquisition") fromone of its joint venture partners, Shentou Investments (Hong Kong)Limited ("Shentou"), for a consideration of 975,000 Euro. Following theAcquisition, GYMCL's equity interest in YC Europe has increased from35% to 67.5%, whilst Shentou's equity interest in YC Europe hasreduced from 57.5% to 25%.
The consideration for the Acquisition was arrived at on a "willingbuyerwillingseller" basis and computed based on the net asset value of YCEurope. The consideration was satisfied in cash and funded throughinternal sources.
By Order of the Board
HONG LEONG ASIA LTD.
Ng Siew Ping, Jaslin
1 March 2017