China Yuchai International Limited (NYSE: CYD) ("China Yuchai") announced that its Board of Directors has approved a share buyback plan under which the Company may repurchase its ordinary shares up to US$40 million in dollar amount or 4 million in number (whichever occurs earlier).
Under the share buyback plan, the Company may repurchase shares from time to time on the open market at prevailing market prices, in privately negotiated transactions, and/or by other legally permissible means in accordance with applicable laws and regulations. The timing of repurchases and the number and value of shares to be repurchased under the plan will depend on a number of factors, including the market price of the Company's shares, general market and economic conditions, and relevant legal and regulatory requirements (including, as applicable, Rule 10b-18 and/or Rule 10b5-1).
The Company plans to fund repurchases under the share buyback plan from operating cash flow and the existing cash balance. The Company's Board of Directors will review the share buyback plan periodically and may authorize adjustment of its terms and size, and the plan may be suspended or discontinued at any time. The shares purchased under the share buyback plan will be held as treasury shares upon purchase.
