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Aug. 2, 2013 /PRNewswire/ -- China Yuchai International Limited (NYSE: CYD) ("China Yuchai" or the "Company") wishes to announce that all the resolutions as set out in its Notice of Annual General Meeting dated
July 1, 2013 were duly passed at its Annual General Meeting held today.
At the Annual General Meeting, the Board of Directors and the management team of China Yuchai responded to questions from shareholders. A brief summary of some of the discussions is set out below for the benefit of all shareholders of the Company:
(a) In relation to questions about the share capital structure of China Yuchai, it was explained that under the bye-laws of the Company, the Company's share capital structure comprised of two classes of shares - ordinary shares and a special share with certain rights as set out in the bye-laws. A shareholder suggested the elimination or retirement of the special share currently held by HL Technology Systems Pte Ltd. The Board noted that this issue had been previously addressed at the Company's Special General Meeting convened on
September 4, 2009 ("SGM") and the resolution to amend the bye-laws to remove the special share provisions and all related provisions was not passed. As explained by the Board in its Letter to Shareholders issued prior to the SGM and which continues to be the view maintained by the Board, the current share capital structure of China Yuchai is legally recognised under
Bermuda law and the existence of and the rights relating to the special share have been widely and publicly disclosed to all shareholders. The Board believes it is not productive to continue to discuss and challenge the share capital structure of the Company and that the main focus of the Company should be on growing and managing the business.
(b) The Board also discussed the viability and desirability of acquiring the minority stake in Guangxi Yuchai Machinery Company Limited ("GYMCL") held by the Yulin Municipal Government ("Yulin Government") as suggested by a shareholder. The Yulin Government has not indicated any interest in disposing of its stake in GYMCL. The Board noted that China Yuchai and the Yulin Government have worked together to grow the engine manufacturing business and the relationship has been mutually beneficial. Should the Yulin Government indicate an interest in disposing of its stake in GYMCL, the Board will, at that time, give due consideration to the matter.