SINGAPORE, June 7, 2024
/PRNewswire/ -- China Yuchai International Limited (NYSE:
CYD) ("China Yuchai" or the "Company") today announced that its
Board of Directors has approved a share buyback plan under which
the Company may repurchase its ordinary shares up to US$40 million in dollar amount or 4 million in
number (whichever occurs earlier).
Under the share buyback plan, the Company may repurchase shares
from time to time on the open market at prevailing market prices,
in privately negotiated transactions, and/or by other legally
permissible means in accordance with applicable laws and
regulations. The timing of repurchases and the number and value of
shares to be repurchased under the plan will depend on a number of
factors, including the market price of the Company's shares,
general market and economic conditions, and relevant legal and
regulatory requirements (including, as applicable, Rule
10b-18 and/or Rule 10b5-1).
The Company plans to fund repurchases under the share buyback
plan from operating cash flow and the existing cash balance. The
Company's Board of Directors will review the share buyback plan
periodically and may authorize adjustment of its terms and size,
and the plan may be suspended or discontinued at any time. The
shares purchased under the share buyback plan will be held as
treasury shares upon purchase.
About China Yuchai International
China Yuchai International Limited, through its subsidiary,
Guangxi Yuchai Machinery Company Limited ("Yuchai"), engages in the
manufacture, assembly, and sale of a wide variety of light-,
medium- and heavy-duty engines for trucks, buses, passenger
vehicles, construction equipment, marine and agriculture
applications in China. Yuchai also produces diesel power
generators. The engines produced by Yuchai range from diesel to
natural gas and hybrid engines. Through its regional sales
offices and authorized customer service centers, Yuchai distributes
its engines directly to auto OEMs and retailers and provides
maintenance and retrofitting services throughout China. Founded in 1951, Yuchai has established
a reputable brand name, strong research and development team and
significant market share in China
with high-quality products and reliable after-sales support. In
2023, Yuchai sold 313,493 engines and is recognized as a leading
manufacturer and distributor of engines in China. For more information, please visit
http://www.cyilimited.com.
Safe Harbor Statement:
This news release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. The words "believe", "expect", "anticipate", "project",
"targets", "optimistic", "confident that", "continue to",
"predict", "intend", "aim", "will" or similar expressions are
intended to identify forward-looking statements. All statements
other than statements of historical fact are statements that may be
deemed forward-looking statements. These forward-looking statements
including, but not limited to, statements concerning China Yuchai
group of entities' operations, financial performance and condition
are based on current expectations, beliefs and assumptions which
are subject to change at any time. China Yuchai cautions that these
statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors such as government and stock exchange
regulations, competition, political, economic and social conditions
around the world and in China
including those discussed in China
Yuchai's Form 20-Fs under the headings "Risk Factors", "Results of
Operations" and "Business Overview" and other reports filed with
the Securities and Exchange Commission from time to time. All
forward-looking statements are applicable only as of the date it is
made and China Yuchai specifically disclaims any obligation to
maintain or update the forward-looking information, whether of the
nature contained in this release or otherwise, in the future.
For more information:
Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com
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SOURCE China Yuchai International Limited