Further to the announcement made on 28 September 2004, the Board of Directors of YHI International Limited (the "Company") wishes to announce that YHI Manufacturing (Singapore) Pte Ltd ("YHI (Manufacturing)"), a wholly-owned subsidiary of the Company, has established a wholly-owned subsidiary, YHI Manufacturing (Suzhou) Co Ltd ("YHI (Suzhou)") in Suzhou, PRC.|
The total registered capital of YHI (Suzhou) is US$8.0 million and the principal activity of YHI (Suzhou) is to set up an additional manufacturing facility for the production of alloy wheels in Kuatang Sub-district, Suzhou Industrial Park, Suzhou, PRC. We currently have an existing manufacturing facility located in Xinzhuang Industrial Zone, Shanghai.
We do not expect the above transaction to have any material impact on the net tangible assets and earnings per share of the Company for the financial year ended 31 December 2004.
None of the Directors or substantial shareholders of the Company has an interest, direct or indirect in this transaction.