Hong Leong unit unveils employee equity plan

The plan is to incentivise the company’s employees to remain ‘dedicated and loyal.’

Hong Leong Asia’s subsidiary, China Yuchai, will establish and adopt an equity incentive plan for China Yuchai’s directors and employees.

The plan comprises 1.8 million ordinary shares at $0.13 (US$0.10) apiece, representing 4.58% of China Yuchai’s enlarged share capital.

The plan is to incentivise the company’s employees to remain "dedicated and loyal" to the group.

Under the plan, employees may receive three types of awards, including options, restricted stock, or stock payments.

China Yuchai's compensation committee will administer the plan, selecting participants and determining award details and terms.

Each employee under the plan will receive a maximum of 300,000 shares during any calendar year.

The plan will end on 16 May 2035, 10 years after the adoption of the board.

($1=US$0.78)