Hong Leong Asia Unit to Establish Employee Equity Incentive Plan

MT Newswires05-20 12:17

Hong Leong Asia's (SGX:H22) subsidiary, Guangxi Yuchai Intelligent Manufacturing Technology, launched an employee equity incentive scheme, according to a Tuesday filing with the Singapore Exchange.

Shares of the cement manufacturer were down over 2% in Wednesday's trading.

Yuchai was established with a registered capital of 20 million yuan, of which 92% of the capital will be paid by Guangxi Yuchai Machinery.

The remaining amount of the registered capital of around 1.6 million yuan will be contributed by the scheme participants.

Guangxi Yuchai Machinery is 76.41% owned by the company's 48.70% New York-listed subsidiary, China Yuchai International.

The scheme aims to incentivize employees for sustained performance.

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