Guangxi Yuchai Marine and Genset Power Co., Ltd., (MGP) an indirect subsidiary of China Yuchai International, has applied to list its shares on the Mainboard of the Hong Kong Stock Exchange (HKEX). China Yuchai International, which is listed on the New York Stock Exchange (NYSE), is 48.7%-owned by Mainboard-listed Hong Leong Asia.
In connection with the proposed listing, Hong Leong Asia made an application to the Singapore Exchange Securities Trading Limited (SGX-ST). According to the company’s Jan 27 filing, the SGX-ST said it had “no comments” on the spin-off.
It adds that it does not expect that it would require shareholders’ approval for the proposed spin-off despite MGP being its principal subsidiary.
The proposed spin-off is subject to requisite approvals from the relevant regulatory authorities and prevailing economic and/or market conditions.
Shares in Hong Leong Asia closed 3 cents higher or 1.01% up at $3.01 as at Jan 27. Shares in China Yuchai closed 19 US cents or 0.43% down at US$44.13 ($55.84).
