TAIPEI, Taiwan, Feb. 15, 2011 /PRNewswire-Asia-FirstCall/ -- 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 its wholly owned subsidiary, Pacific Wire and Cable Shenzhen ("PEWSC"), has been recognized as one of the top wire and cable companies in China, and another subsidiary has received several significant new contracts.
PEWSC has been awarded second place in the "2010 Top Ten China Wire and Cable Companies" honors conferred annually by HC, a leading service provider of B-to-B e-commerce in China; the China Electrical Equipment Industrial Association; and the China Transformer Industry Association. PEWSC was selected from a group of 1,600 companies that participated in the event. The award was conferred to PEWSC on January 11, 2011 at the landmark Beijing Diaoyutai State Guest House. This honor recognizes the Company's commitment to excellence, and was awarded by the industry, government, academia and customers.
Separately, the Company's 98.3%-owned subsidiary, Sigma Cable Company (Pte) Ltd. ("Sigma Cable"), recently secured two contracts with a total value of approximately $14.1 million.
The first contract is with SP PowerAssets Limited, the sole electricity transmission and distribution company in Singapore, and is valued at approximately $9.4 million. Per the agreement, Sigma Cable will undertake a turnkey project to construct a network of 66 kV power lines to be completed during the next two years. This project is the first of many to be awarded this year as the Singaporean government (LTA) finalizes road diversions for its Mass Rapid Transport system (the Downtown line).
In the second contract, which will be fulfilled under the terms of the ASEAN Free Trade Area (AFTA) agreement, Sigma Cable will provide electrical power cable to a Brunei Public residential area with 1,100 housing units, with a contract value of approximately $4.7 million. This contract will supply high-quality, low-voltage power cable to Sigma cable's strategic partner, DHJ Electrical Engineering, one of the most prominent contractors in Brunei, for delivery in April, May, and June of 2011. Brunei remains a niche overseas market for Sigma Cable, and its government is likely to release additional contracts for public housing projects in the coming years.
APWC is pleased to have received this prestigious award as one of the "Top Ten China Wire and Cable Companies," and these two new contracts demonstrate the value it provides to government and blue-chip customers. The Company expects to continue to experience solid demand for its high-quality cable and wire products as Asia's telecommunications and electrical infrastructure deployments continue at an unprecedented pace.
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 APWC, 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.
Asia Pacific Wire & Cable Corporation Limited
Mr. Frank Tseng, CFO
Phone: +886-2-2712-2558 Ext. 66
Investor Relations Contact:
CCG Investor Relations
Mr. John Harmon, Senior Account Manager
Phone: +86-10-6561-6886 Ext. 807 (Beijing)
Mr. Bryan Blake, MI Executive
Phone: +1-646-833-3416 (New York)
SOURCE Asia Pacific Wire & Cable Corporation Limited