Embattled East London electronics company Yekani Manufacturing has opted for business rescue to stave off liquidation by Standard Bank, but the bank has moved to oppose the application.

A Daily Dispatch report says the company made the announcement in the Eastern Cape High Court (East London) yesterday, the return date of a winding-up application by Standard Bank which has been under way since late 2019.

Lawyers for Yekani and the bank agreed that the liquidation application be suspended ‘pending finalisation of the business rescue application’.

Previously, Yekani CEO Siphiwe Cele stated that the company was pursuing various investment and sales contracts to secure the plant and the jobs of 500 employees.

But yesterday, there were no details about the business rescue process – either in court or outside.

Full Daily Dispatch report