Asset Acquisitions and Disposals::Increase in Shareholding in YC Europe Co., Limited

Issuer & Securities

Issuer/ Manager
HONG LEONG ASIA LTD.
Securities
HONG LEONG ASIA LTD. - SG1F76860344 - H22
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
01-Mar-2017 18:08:57
Status
New
Announcement Sub Title
Increase in Shareholding in YC Europe Co., Limited
Announcement Reference
SG170301OTHRZUI6
Submitted By (Co./ Ind. Name)
Ng Siew Ping, Jaslin
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
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 in turn is a subsidiary of the Company, has acquired a further 32.5% equity interest in YC Europe Co., Limited ("YC Europe") (the "Acquisition") from one of its joint venture partners, Shentou Investments (Hong Kong) Limited ("Shentou"), for a consideration of 975,000 Euro. Following the Acquisition, GYMCL's equity interest in YC Europe has increased from 35% to 67.5%, whilst Shentou's equity interest in YC Europe has reduced from 57.5% to 25%.

The consideration for the Acquisition was arrived at on a "willing-buyer willing-seller" basis and computed based on the net asset value of YC Europe. The consideration was satisfied in cash and funded through internal sources.


By Order of the Board
HONG LEONG ASIA LTD.

Ng Siew Ping, Jaslin
Company Secretary

1 March 2017
Singapore