Hong Leong Asia's (SGX:H22) New York-listed subsidiary, China Yuchai International, entered into a strategic partnership with Kim Long Motor Hue, a unit of Vietnam's FUTA Group to construct an engine factory at Kim Long Motor's site in Vietnam.
Under the agreement, Yuchai has granted Kim Long technology licensing rights for certain model engine series, which will be used in the manufacturing of trucks, buses and other commercial vehicles in Vietnam.
Kim Long Motor will also have exclusive sales rights for licensed engines in the country and in Asean and South Korea. The licenses, worth $28 million, are valid for 15 years, according to a filing with the Singapore Exchange on Thursday.
Shares of the manufacturer and distributor of diesel engines and related products were up over 4% in recent trading.
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