Asset Acquisitions and Disposals::Increase of Shareholding in Subsidiary

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
24-Aug-2015 17:19:51
Status
New
Announcement Sub Title
Increase of Shareholding in Subsidiary
Announcement Reference
SG150824OTHR0OGH
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 Monopoly Development Co., Ltd ("YMMC"), a subsidiary of China Yuchai International Limited, which in turn is a subsidiary of the Company, has acquired the remaining 40% equity interest in Yunnan Yuchai Machinery Industry Company Limited ("YYMIC") (the "Acquisition") from its joint venture partner, Kunming Feichikun Automobile Business Trading Company Limited, for a consideration of RMB18,247,700. Following the Acquisition, YYMIC has become a wholly-owned subsidiary of YMMC.

The consideration for the Acquisition was arrived at on a "willing-buyer, willing-seller" basis and computed based on the net asset value of YYMIC. The consideration would be satisfied by way of setoff against the trade receivables due to YMMC.

By Order of the Board
HONG LEONG ASIA LTD.


Ng Siew Ping, Jaslin
Company Secretary

24 August 2015
Singapore