China Yuchai Acquires 27.97% Stake in Nanyue Diankong
China Yuchai announced that Yuchai has acquired 83,918,495 shares of Nanyue Diankong, or NYDK, representing a 27.97% equity interest, for a consideration of approximately RMB 176.2M in cash. Following the acquisition, Yuchai has become the second-largest shareholder of NYDK. Yuchai has also entered into a concerted action agreement with Hunan Hengyang Auto Parts Factory, the largest shareholder of NYDK. This agreement enables Yuchai to secure operational control over NYDK, including, among other things, the right to nominate six out of nine directors on NYDK's board of directors and designate its general manager.
