SINGAPORE China Yuchai International Limited announced today that its main operating subsidiary, Guangxi Yuchai Machinery Co. Ltd. (GYMCL) has divested its entire 70 percent shareholding interest in Jining Yuchai Engine Co. Ltd., its diesel car engine manufacturing joint venture with Zhejiang Geely Holding Group Co. Ltd.
Jining Yuchai was established in 2008 to develop and manufacture diesel engines for passenger vehicles in China. GYMCL made the decision to exit from this joint venture after discussions with the other shareholder in Jining Yuchai.
The financial impact of this divestiture is being evaluated by the company and will be announced when it has been determined.