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China Yuchai International Limited (NYSE:CYD) shares are trading higher after the company announced a repurchase of up to $40 million or 4 million shares (whichever occurs earlier).
The company plans to fund repurchases under the share buyback plan from operating cash flow and the existing cash balance.
In a press release dated February 27, the company said its cash and bank balances were RMB6.0 billion ($852.7 million) as of December 31, 2023.
The shares purchased under the share buyback plan will be held as treasury shares upon purchase.
In a seperate release, the company announced its Board of Directors has approved two equity incentive plans, proposed to be implemented by its Chinese subsidiaries, Guangxi Yuchai Machinery Company Limited and Guangxi Yuchai Marine and Genset Power Co., Ltd.
The development pertains to equity interests in MGP, a wholly-owned subsidiary of Guangxi Yuchai Machinery Company.
Guangxi Yuchai Machinery Company is a 76.41%-subsidiary of China Yuchai.
Last month, Guangxi Yuchai Machinery Company announced that 50 green energy buses equipped with Yuchai Xingshunda hydrogen fuel cells debuted at a ceremony in Beijing.
Yuchai Xingshunda is a 65% owned joint venture of Guangxi Yuchai Machinery Company established in 2022 with Beijing Xing Shun Da Bus Co., Ltd. for the development, manufacturing and sale of fuel cell powertrain systems as well as core fuel cell power system components.
Price Action: CYD shares are trading higher by 8% to $9.11 at last check Friday.
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Posted In: CYD
