Asia Pacific Wire & Cable Corporation Limited Announces the Convening of AGM on September 18, 2020, and the Procurement of Lo...
September 18 2020 - 8:00AM
Asia Pacific Wire & Cable Corporation Limited (NASDAQ: APWC)
(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: (1) the Company will
convene its 2020 Annual General Meeting on September 18, 2020 at
9:00 a.m. New York time at its headquarters located at Room B, 15th
Floor, No. 77, Section 2, Dunhua South Road, Taipei, 106, Taiwan
and (2) the Company has procured a US$6,000,000 secured loan from
its majority shareholder, Pacific Electric Wire & Cable Co.,
Ltd. (“PEWC”).
The loan is a straight loan, has a one year term, carries a 3%
interest rate, and is secured by a pledge of the Company’s 98.3%
ownership stake in Sigma Cable Company (Private) Limited (“Sigma
Cable”). The use of proceeds from the loan provided by PEWC will be
applied to fund capital expenditures and working capital needs of
the Company’s business projects, and for other corporate purposes,
as determined from time to time. The Company has several projects
in the pipeline, including, but not limited to, the acquisition of
new machinery for the Company’s operation in China, the purchase of
a new warehouse in Australia, and the execution of S$200M in
supply, delivery and installation (SDI) projects in Singapore
awarded to Sigma Cable last year. The proceeds may be used to
fund the subsidiaries who undertake these projects and are short of
working capital.
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 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 (“SDI”) of power cables to certain of its
customers.
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”, “estimates”, “intends”, “plans” 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 believed,
anticipated, expected, estimated, intended or planned. 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 RelationsLisa A. GraySenior
Account Manager Phone: +1-212-989-9899 Email:
apwc@asiaalphair.com |
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