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APWC's Thai Subsidy Records FY2012 223% Net Income Growth
Stock Elevated to NASDAQ Global Market Effective February 15, 2013
TAIPEI, Taiwan, March 18, 2013 (GLOBE NEWSWIRE) -- 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 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 Company has also announced it has met the requirements for listing on NASDAQ's Global Markets and has been trading on the elevated level of NASDAQ since February 15, 2013.
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 (SET Ticker Symbol: CTW). 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.
Separately, NASDAQ notified the Company that effective February 15, 2013, APWC's stock began trading on the NASDAQ Global Markets platform. The migration from NASDAQ's Capital Markets platform to its Global Markets platform is a function of APWC meeting NASDAQ's requirements for the migration, which includes liquidity requirements, operating history and a diversified shareholder list. There is no impact on existing shareholders from this change in trading platforms.