Asia Pacific Wire and Cable Secures Three New SDI Contracts in Singapore Totalling $64.0 US Mil
20 Mar 2013
Asia Pacific Wire & Cable Corporation Limited , a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, announced that its Singapore-based, operating subsidiary, Sigma Cable Company, has been awarded in 2012 three new government contracts with a total contract value of approximately $62 million over a two year period.
The three new contracts received from the Singapore government relate to Supply, Delivery and Installation (SDI) of low and mid voltage power cables. Sigma Cable, Asia Pacific Wire Company's Singapore subsidiary has begun work on these implementations which are expected to be completed between now and 2014.
Adding to Asia Pacific Wire's growth is the Company's 50.93%-owned and SET-listed Thai subsidy, Charoong Thai Wire and Cable. CTW reported a gross margin improvement of 8.6% for the period ended December 31, 2012 and a 223% improvement in net income resulting from better operational efficiencies. As reported in 2011, Asia Pacific's Thai-subsidy recorded $186.0 million in sales, and accounted 39.4% of APWC revenues. Asia Pacific Wire Company will consolidate its majority ownership position of CTW financial results in the Company's year end 2012, 20-F filing expected to be filed in April of this year.
The Company believes that its developing SDI business in Singapore in addition to their continuing growth in China, Thailand and Australia should provide them the operating leverage needed to draw attention to APWC shares and its trajectory in US capital markets. Asia Pacific Wire Company remains eager to produce for its shareholders and has planned a more aggressive outreach campaign for 2013 with US and global investors in APWC shares.