SINGAPORE, February 1, 2019 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") a leading manufacturer and distributor of engines for on- and off-road applications in China through its main operating subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today that GYMCL has increased its equity ownership in its subsidiary YC Europe Co., Limited (“YC Europe”) to 75.0% from 67.5%.
GYMCL has purchased the 225,000 ordinary shares of YC Europe owned by Heinz Norbert Schuchert (“HNS”), representing a 7.5% equity ownership, for a total consideration of 225,000 Euros comprising:
- 15,000 Euros paid by GYMCL to HNS; and
- 210,000 Euros paid by GYMCL to YC Europe being payment of HNS’ outstanding contribution to the registered capital of YC Europe.
The said consideration is funded by GYMCL’s internal funding. YC Europe was incorporated in April 2015 to market off-road engines (excluding marine engines) in Europe.