Hong Leong Asia proposes spinning off Guangxi Yuchai Marine and GenSet Power on HKEX
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Hong Leong Asia announced the proposed spin-off of its subsidiary, Guangxi Yuchai Marine and Genset Power (MGP), for a listing on the Hong Kong Stock Exchange. The application has been submitted, and the Singapore Exchange has cleared the regulatory path. MGP specializes in marine engines and power-generation systems, exporting products to over 180 countries. The spin-off does not require shareholder approval, but is subject to regulatory approvals and market conditions. Hong Leong Asia's shares rose 1% to S$3.01 prior to the announcement.
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