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Yorkey Optical's (02788) associate PYBL being liquidated
19 Jun 2017
(Infocast News) Yorkey Optical International (02788) announced that the board of directors of PYBL passed a resolution on 16 June 2017 (Brasilia Time) to liquidate PYBL in accordance with the provisions of the Agreement, and appoint FUGII, ALVES & MENEGHETTI as the liquidator to be responsible for the liquidation of PYBL.

Yorkey Optical International contributed 49% of the registered capital of PYBL, which was established in Brazil and is engaged principally in the manufacture and sale of components for digital still cameras and related components for automobiles.

Since PYBL continued to incur losses, the company gradually ceased its manufacturing operation and started to clear its inventory since 31 December 2016. Taking into consideration of the business environment in Brazil, the board of directors of PYBL was of the opinion that PYBL's performance was unlikely to improve in the short term. Hence, it resolved to liquidate PYBL.

(WL)
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