Form 6-K
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
February 3, 2010
Commission File Number 1-13522
China Yuchai International Limited
(Translation of Registrants name into English)
16 Raffles Quay #26-00
Hong Leong Building
Singapore 048581
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether the Registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.
If Yes is marked, indicate below the file number assigned to registrant in connection with Rule 12g3-2(b): Not applicable.
Table of Contents
Exhibits Index
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99.1
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Press Release dated February 3, 2010 China Yuchai International Extends Loan Agreement with HL Global Enterprises Limited |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunder duly authorized.
Date: February 3, 2010
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CHINA YUCHAI INTERNATIONAL LIMITED
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By: |
/s/ Boo Guan Saw
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Name: |
Boo Guan Saw |
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Title: |
President and Director |
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Exhibit 99.1
Exhibit 99.1
China Yuchai International Extends Loan Agreement with
HL Global Enterprises Limited
Singapore, Singapore February 3, 2010 China Yuchai International Limited (NYSE: CYD) (China
Yuchai or the Company), announced today that its wholly owned subsidiary Venture Lewis Limited
(VLL) has extended the loan of S$93,000,000 (Loan) granted to HL Global Enterprises Limited
(HLGE) in February 2009 to refinance the zero coupon, unsecured, non-convertible bonds (Bonds)
issued by HLGE in 2006 and which matured on July 3, 2009 (Maturity Date). An early partial
redemption of the Bonds was undertaken by HLGE prior to the Maturity Date. The Company through
another wholly owned subsidiary, Grace Star Services Ltd., owns 45.39% of the issued ordinary
shares of HLGE.
The unsecured Loan has, pursuant to the terms of the original loan agreement been extended for
another one year. The main terms of the new Loan are interest at a rate of 3.42% per annum being
the aggregate of a margin of 2.5% per annum and the 12-month Singapore Interbank Offer Rate
expressed in percentage rate fixed by the Association of Banks in Singapore for Singapore Dollars
as of February 2, 2010 which was 0.92%. In the event the interest rate charged on the funds
utilized by China Yuchai for their investment in HLGE is increased, the Company has a right to
negotiate with HLGE with a view to agreeing on an increase in the interest rate payable by HLGE
under the Loan agreement subject to compliance with certain regulatory requirements. A negative
pledge undertaking against any disposal or creation of security over substantially all of HLGEs
assets without VLLs consent is also included.
The Companys Board of Directors approved the extension of the Loan after considering (i) the
deterioration in HLGEs financial condition in 2009 as a result of the global financial crisis,
(ii) the need to ensure the continued financial viability of HLGE in which China Yuchai is the
single largest shareholder as it is believed that this is the best option to protect and procure a
return on the Companys significant investment in HLGE pending HLGEs successful disposals of its
non-core and non-performing assets to repay the Loan, and (iii) potential merger and acquisition
opportunities by HLGE to grow its earnings base. This transaction has also been reviewed and
approved by the Companys audit committee who has determined that the terms of the extension of the
Loan are fair and reasonable and not prejudicial to the interests of the Companys shareholders.
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:
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Kevin Theiss / Dixon Chen |
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Grayling |
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Tel:
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+1-646-284-9409 |
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Email:
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kevin.theiss@us.grayling.com
dixon.chen@us.grayling.com |