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China Yuchai International Ltd's Guangxi Yuchai Machinery Company Limited Announces Changes To Joint Venture To Expand Heavy-Duty Diesel And Gas Engine Production In China

Monday, 14 Oct 2013 06:58am EDT 

China Yuchai International Ltd announced the changes in the ownership structure of the joint venture entered into by its main operating subsidiary, Guangxi Yuchai Machinery Company Limited (GYMCL) and GYMCL’s joint venture company, Y&C Engine Co., Ltd. (Y&C Engine) with Baotou BeiBen Heavy Duty Truck Co., Ltd. (BeiBen) and Inner Mongolia First Machinery Group Co., Ltd. (First Machinery Group), which was announced on June 4, 2013. Further to discussions between the joint venture parties, the First Machinery Group will exit from the joint venture and be replaced with Baotou Beifang Chuangye Co., Ltd. (Beifang) in which the First Machinery Group is the single largest shareholder with a 23.62% interest as reported in Beifang’s semi-annual report released on August 27, 2013, covering the period January 1, 2013 to June 30, 2013. Beifang will hold 15% of the new joint venture entity with the remaining 85% interest held between BeiBen, GYMCL and Y&C Engine. 

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