YLI allocates 75% of RM20.6 mil working-capital proceeds to purchases, reserves

PETALING JAYA (June 11): YLI Holdings Bhd has clarified that 75% of the RM20.6 million earmarked for working capital from its proposed RM28.5 million disposal of industrial land in Prai, Penang, will be allocated to trade purchases and working capital reserves.

In a Bursa Malaysia filing yesterday, the company said 40% of the RM20.6 million allocation will be used for trade purchases, while 35% will be set aside as working capital reserves.

A further 15% will be used to meet financial commitments, with the remaining 10% allocated for fixed overhead and administrative expenses.

The clarification relates to the proposed disposal by YLI's wholly owned subsidiary Yew Lean Foundry & Co Sdn Bhd of two industrial land parcels in the Prai Industrial Estate, together with a 33kV electrical system and substation, to Trilight Optics (Malaysia) Sdn Bhd for RM28.5 million.

YLI said the clarification should be read together with its earlier announcements dated June 3 and June 5 in relation to the proposed disposal.

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