SINGAPORE, July 9 /PRNewswire-Asia-FirstCall/ -- The Board of Directors of China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") wishes to announce that it has, on July 7, 2009 (Bermuda time) received five notices dated between June 17, 2009 and June 26, 2009 from Cede & Co., the nominee of The Depository Trust Company, on behalf of (i) Shah Capital Fund, L.P., (ii) Shah Capital Management, (iii) Theo W. Muller, (iv) Trellus Partners L.P., Trellus Partners L.P. II and Trellus Offshore Fund Limited and (v) Quasar Global Opportunity Fund, L.P. and Quasar Global Opportunity Fund International Ltd, representing that such entities and persons collectively hold more than 10% of the paid up capital of China Yuchai carrying the right to vote ("Notices"). Copies of the Notices are attached: http://www.prnasia.com/sa/attachment/2009/07/20090709-956685.pdf .
By the Notices, the various entities and persons have requested that a special meeting of shareholders be convened to consider proposals to: (i) amend China Yuchai's bye-laws to remove the provisions relating to the special share ("Special Share"), (ii) remove the current President as an officer and director of China Yuchai, and appoint a replacement (iii) remove the Audit Committee Chairman as Audit Committee Chairman and a director of China Yuchai and (iv) amend China Yuchai's bye-laws to permit the appointment of two independent directors by shareholders who have no interest in the Special Share and are not connected in any way with Coomber, Goldman, Zhong Lin, State Holding Company or Yulin City Government.
Pursuant to the Company's bye-laws ("Bye-Laws"), shareholders holding not less than 10% of the Company's paid up share capital with the right to attend and vote at general meetings have the right, by written requisition, to require a special general meeting to be convened within two months of such requisition. The Board of Directors of China Yuchai has considered the contents of the Notices and will proceed to convene a special general meeting. Details of the meeting will be announced in due course.
It is to be noted that under Article 27 of the Bye-laws, for as long as the Special Share is outstanding, no shareholders resolution, whether ordinary or special may be passed without the affirmative vote of the Special Share. As publicly disclosed, the Special Share is held by Hong Leong Asia Ltd. through its wholly-owned subsidiary, HL Technology Systems Pte Ltd.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the manufacture, assembly, and sale of a wide array of light-duty, medium-sized and heavy-duty diesel engines for construction equipment, trucks, buses, and cars in China. GYMCL also produces diesel power generators, which are primarily used in the construction and mining industries. Through its regional sales offices and authorized customer service centers, the Company distributes its diesel engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, GYMCL has established a reputable brand name, strong research & development team and significant market share in China with high-quality products and reliable after-sales support. In 2008, GYMCL sold approximately 372,000 diesel engines and was consistently ranked No. 1 in unit sales by China Association of Automobile Manufacturers. For more information, please visit http://www.cyilimited.com
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling
Tel: +1-646-284-9409
Email: kevin.theiss@us.grayling.com
dixon.chen@us.grayling.com
