The plan, which was approved at China Yuchai’s annual general meeting (AGM) on July 8, is to incentivise the company’s employees to remain “dedicated and loyal” to the group. The plan is also meant to “reward, retain and motivate” the employees in “positions of substantial responsibility” and whose contributions are key to the group’s business.
NYSE-listed China Yuchai, a 48.7%-owned subsidiary of SGX-listed Hong Leong Asia, will be establishing and adopting an equity incentive plan for China Yuchai’s directors and employees.
The plan comprises 1.8 million ordinary shares at 10 US cents (13 cents) apiece, representing 4.58% of China Yuchai’s enlarged share capital. It will be considered a share scheme under Rule 843 of the SGX’s listing manual.
