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Yamaha Announces Liquidation of Singapore AV Equipment Sales Subsidiary |
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Yamaha Corporation has announced that its Board of Directors, at their meeting held on September 21, 2007, made the decision to liquidate its wholly owned subsidiary Yamaha Electronics Asia Pte. Ltd. (President: Yasuhiro Nihashi; Head Office: Singapore; hereinafter: YEAS). YEAS has served as Yamaha’s sales company for audio and visual equipment (AV equipment), covering markets in Southeast Asia and India.
YEAS was established in Singapore in October 1996 to import and sell Yamaha’s AV equipment in the previously mentioned markets. Recently, accompanying the regional integration of sales activities in Yamaha’s musical instruments and AV equipment businesses under its medium-term business plan “YGP2010 (Yamaha Growth Plan 2010),” Yamaha has decided to transfer the business operations of YEAS to its wholly owned sales subsidiary Yamaha Music (Asia) Pte. Ltd., (President: Yasuhiro Nihashi; Head Office: Singapore; hereinafter YMAsia). YMAsia thus far has focused on selling musical instruments and AV equipment in Singapore. Going forward, YMAsia will work to expand Yamaha’s sales efficiently in the Southeast Asian and Indian markets. Please note that the expenses associated with the liquidation of YEAS are not material, and there will be no impact on Yamaha’s consolidated financial results.
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| Details of the Liquidation of YEAS |
| 1. |
Outline of the Company to Be Liquidated |
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Name |
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Yamaha Electronics Asia Pte. Ltd. |
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Address |
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138 Cecil Street,
#05-02/03 Cecil Court,
Singapore 069538 |
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President |
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Yasuhiro Nihashi |
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Lines of business |
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Importing and sale of AV equipment |
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Paid-in capital |
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US$0.7 million (100% owned by Yamaha Corporation) |
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Date of establishment |
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October 9, 1996 |
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Number of employees |
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Six (including two seconded from Yamaha) |
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Sales |
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US$3.9 million (Year ended March 31, 2007) |
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| 2. |
Schedule for Liquidation |
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Final date of
business operations |
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End of December 2007 |
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Date of liquidation |
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Scheduled for March 2009 |
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| 3. |
Other Matters Related to the Liquidation |
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Staff |
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Employees are scheduled to be transferred to YMAsia. |
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Liquidation costs |
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Not material |
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For further information, please contact
Yamaha Corporation
Public Relations Division, Public Relations Group
TEL. +81-3-5488-6601
FAX. +81-3-5488-5060
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