China Yuchai Terminates Its Share Buyback Plan

Rhea-AI Summary

China Yuchai International (NYSE: CYD) has announced the immediate termination of its share buyback plan, which was initially adopted on June 7, 2024. The plan allowed for repurchases of up to US$40 million or 4 million shares, whichever occurred first. As of the announcement, the company had repurchased 3,339,968 shares for a total of US$39,825,731. The repurchased shares will be held as treasury shares, reducing the company's outstanding shares from 40,858,290 to 37,518,322.

Positive

• Nearly complete execution of buyback plan with 99.6% of allocated funds utilized ($39.8M of $40M)
• Reduction in outstanding shares by 8.2%, potentially increasing earnings per share
• Strong commitment to returning value to shareholders demonstrated through substantial buyback completion

Negative

• Early termination of buyback program before reaching the full 4 million shares target

SINGAPORE, Oct. 31, 2024 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") today announced that its Board of Directors has approved to terminate its share buyback plan with immediate effect. 

The share buyback plan was adopted on June 7, 2024, 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. As of today, China Yuchai has repurchased a total of 3,339,968 shares amounting to a total amount of US$39,825,731.

The shares purchased under the share buyback plan are to be held as treasury shares for the time being. Accordingly, the Company's outstanding shares will be reduced from 40,858,290 to 37,518,322 upon the termination of the share buyback plan.

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 

View original content:https://www.prnewswire.com/news-releases/china-yuchai-terminates-its-share-buyback-plan-302292385.html

SOURCE China Yuchai International Limited

FAQ

How many shares did China Yuchai (CYD) repurchase in its 2024 buyback program?

China Yuchai repurchased 3,339,968 shares under its 2024 buyback program, amounting to US$39,825,731.

What was the total value of China Yuchai's (CYD) 2024 share buyback program?

The share buyback program had a maximum limit of US$40 million or 4 million shares, whichever occurred earlier.

How many outstanding shares does China Yuchai (CYD) have after the buyback termination?

After the buyback termination, China Yuchai's outstanding shares were reduced to 37,518,322 from 40,858,290.

When did China Yuchai (CYD) terminate its share buyback program?

China Yuchai terminated its share buyback program on October 31, 2024.