Asia Pacific Wire & Cable Corporation Declares Cash Dividend
August 30 2018 - 7:30AM
Asia Pacific Wire & Cable Corporation Limited (NASDAQ:APWC)
(“APWC” or the "Company"), a leading manufacturer of wire and cable
products for the telecommunications and electric-power industries
in the Asia-Pacific region, today announced that its Board of
Directors has declared a cash dividend of $0.08 per share payable
on all issued and outstanding common shares. The dividend will be
payable on November 30, 2018, to all common shareholders of record
as of the close of business on September 14, 2018.
This cash dividend of over $1.1 million is in line with the
Company’s stated dividend policy of paying approximately 25% of net
income attributable to APWC shareholders. 2017 net income
attributable to APWC shareholders was approximately $8.7 million,
but included $4.4 million in one-time gains from the sale of the
land use rights and buildings of the Company’s Ningbo, China
facility, which would have resulted in net income from ordinary
operations of $4.3 million.
The Company’s dividend is slightly lower than last year’s
dividend of $.10 per share, primarily due to the fact that APWC
needs to reserve certain funds for entry into new possible business
lines. The Company has previously stated that it intends to
diversify its business beyond wire and cable products.
Pursuant to this, APWC’s Board of Directors has approved the
establishment of a new entity to facilitate the establishment of
the Company’s renewable energy business in Taiwan.
Because the Taiwan government is promoting renewable energy and
offers attractive feed-in tariffs to purchase green energy, the
Company believes that it should take this opportunity to enter this
business. Furthermore, APWC is well positioned to enter the
renewable energy business sector by aligning international
corporate players with Taiwanese authorities, key strategic
developers and material suppliers in the industry. APWC’s
management team expects to develop and launch its renewable energy
business initiatives in the fourth quarter of 2018.
About Asia Pacific Wire & Cable
Corporation
Asia Pacific Wire & Cable Corporation is principally engaged
in the manufacture and distribution of telecommunications (copper
and fiber optic) and power cable and enameled wire products in the
Asia Pacific region, primarily in Thailand, China, Singapore and
Australia. The Company manufactures and distributes its own wire
and cable products and also distributes wire and cable products
manufactured by its principal shareholder, Pacific Electric Wire
& Cable Company, a Taiwanese company. The Company also provides
project engineering services in the supply, delivery and
installation of power cables to certain of its customers. For more
information on the Company, visit www.apwcc.com. Information on the
Company' website or any other website does not constitute a portion
of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the Company, its business, and its subsidiary
companies. These forward looking statements are often identified by
the use of forward-looking terminology such as "believes",
"anticipates", "expects" or similar expressions. Such forward
looking statements involve known and unknown risks and
uncertainties that may cause actual results to be materially
different from those described herein as anticipated, believed,
estimated or expected. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's periodic reports that are filed with the
Securities and Exchange Commission and available on its website
(www.sec.gov). All forward-looking statements attributable to the
Company or to persons acting on its behalf are expressly qualified
in their entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
Contact: Investor Relations Contact: Asia Alpha
Investor Relations Lisa A. GrayPartner & Senior Account Manager
Phone: +1-212-989-9899 Email: lisa@asiaalphair.comWeb:
https://asiaalphair.com/ |
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