China Yuchai International Limited (CYD) announced that its wholly owned subsidiaries, Venture Delta Limited or "VDL" and Grace Star Services Ltd or "GSS" who together hold 34.4% equity interest in Thakral Corporation Limited or "TCL" have entered into a binding Deed of Undertakings and Support with Kartar Singh Thakral and Inderbethal Singh Thakral or "Thakrals", in relation to a capital reduction exercise with a cash distribution of S$0.05 per issued share in the capital of TCL. The Thakrals have a deemed shareholding interest of approximately 25.5% in TCL.
The Board of Directors of TCL has announced that it has unanimously resolved to return surplus capital of about S$130.6 million in excess of TCL's immediate requirements to shareholders by way of the Capital Reduction Exercise.
Pursuant to the Deed, VDL, GSS and the Thakrals agree to TCL carrying out the Capital Reduction Exercise which is to be completed by the latest of March 31, 2010 with settlement of payment to be made by April 30, 2010 or such later dates as approved or permitted by shareholders, regulatory authorities or under applicable laws.
Upon the completion of the Capital Reduction Exercise and subject to all the shares in the Placement being sold, China Yuchai will receive about S$61.5 million and through VDL and GSS, retain a 13.4% equity interest in TCL.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.