TAIPEI, July 28 /PRNewswire-Asia/ -- Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board: AWRCF) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in selected Asia-Pacific markets, today announced that one of its Thai subsidiaries, Siam Fiber Optics, Co, Ltd. ("SFO"), has signed several major contracts with local companies and state-owned telecommunication companies for a total value of Baht 592 million (approximately $18.4 million). These contracts include:
-- A THB 185 million ($5.7 million) contract with Marubeni Thailand Co., Ltd. to deliver 5,650 km of fiber-optic cable over a seven-month period through October 2010;
-- A THB 121 million ($3.8 million) contract to deliver 2,794 km of fiber-optic cable to TOT Public Company Limited, a state-owned telecommunications company, which commenced in May 2010 and would run for four months; and
-- Two contracts from Thai Transmission Industry Co., Ltd. to provide 4,130 km ADSS & 4,324 km Dropwires of fiber-optic cables in an effort to link the telecommunication network for all the domestic universities in Thailand totaling THB 258 million (approximately $8.0 million) over approximately 14 months, the first of which commenced in January 2010.
Siam Fiber Optics Co., Ltd. is 60% owned by Charoong Thai Wire and Cable Co., the latter is 51% directly or indirectly owned by APWC. The other three non-controlling interest parties own rest of the 40% of Siam Fiber Optics Co., Ltd.
Asia Pacific Wire and Cable Corporation is pleased by the strong demand for the telecommunications products in Thailand and optimistic about experiencing a continued recovery in our business. These contracts represent a healthy pipeline and stable growth in our telecommunications-cable business. The Company expects to see continued strong demand for our wire and cable alongside the expansion of telecommunications and electrical infrastructure in the growing Asia-Pacific region.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is a leading manufacturer and distributor of telecommunications and power cable and enameled wire products in the Asia Pacific region, primarily in Singapore, Thailand, Australia and China. For more information on APWCC, visit http://www.apwcc.com . Information on the Company's Web site or any other Web site does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes, 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.
For more information, please contact:
Company Contact:
Asia Pacific Wire & Cable Corporation Limited
Mr. Frank Tseng, CFO
Phone: +886-2-2712-2558 x66
Email: frank.tseng@apwcc.com
Web: http://www.apwcc.com
Investor Relations Contact:
CCG Investor Relations
Mr. John Harmon, Senior Account Manager
Phone: +1-646-833-3424 (New York)
Email: john.harmon@ccgir.com
Web: http://www.ccgir.com
