HL Asia: Announced that its has increased its stake in New York-listed China Yuchai (CYI) to 34.565%.
Recall that CYI is a subsidiary of HLA, involved in the businesses of diesel engines, hospitality and properties, and lifestyle through its investments, which include SG-listed Thakral Corporation.
We note that in grp’s latest 3Q11 results, sales rev of Yuchai was affected by proportionately higher sales in off highway diesel engines vis-à-vis medium duty engines, while sales of industrial packaging products fell from reduced orders by major customers from excessive stocks in the pipeline. The Group’s green tech business segment (GPac) also sold more pallets during the year but its revenue contribution remained insignificant.
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