Asia Pacific Wire & Cable Announces Transaction between PEWC and Asset Managers Co. of Japan for APWC Shares.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Asia Pacific Wire & Cable Corporation Limited (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : AWRCF) today announced that an agreement had been reached between Pacific Electric Wire and Cable Co., Ltd ("PEWC PEWC Ponders End Wargaming Club (gaming) ") and Asset Managers Co., Ltd. ("AMC (Advanced Mezzanine Card) See AdvancedTCA. "), a prominent publicly traded Japanese venture capital manager with particular expertise in both real estate and merchant banking activities, with regard to PEWC's efforts to finance the purchase of all of Set Top International, Inc.'s ("Set Top") interest in APWC's shares. Under the terms of the transaction, AMC will purchase from Set Top 10,074,102 shares of APWC at a price of US$2.581 per share or a total of $26 million. These shares represent a 72.8% controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in APWC. For a period of three years from the acquisition date, PEWC will retain a call option to purchase 7,307,948 of the APWC shares from AMC, representing 52.84% of the outstanding shares of APWC, at a strike price of US$2.581 each. Charles Han, Chairman of Asia Pacific Wire & Cable, stated, "We are very pleased that this agreement has been signed with an institution as well-regarded as AMC. Not only will AMC provide stability to our shareholder base, but the transaction also means that APWC will continue to benefit from the supply and services agreement the Company has with PEWC." As previously disclosed on July 8, 2004, Asia Pacific Wire & Cable, PEWC and Set Top entered into a settlement agreement pursuant to which PEWC agreed to purchase all of Set Top's interest in APWC's shares. As a result of that settlement agreement, APWC, PEWC and Set Top agreed to withdraw and dismiss all claims in all litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. proceedings against each other, including the actions in New York, Singapore and Bermuda, and Set Top agreed to withdraw all of its claims in the PUSA bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party . The transaction announced today between PEWC, AMC and Set Top effectively completes all of the requirements of the settlement agreement and brings to a close all of the outstanding litigation matters between Asia Pacific Wire & Cable, PEWC and Set Top. About Asia Pacific Wire & Cable Asia Pacific Wire & Cable Corporation is a leading manufacturer of wire and cable products for the telecommunications and power industries in selected markets in the Asia Pacific Region. Except for statements of historical fact, this news release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. about the Company. Such statements are subject to significant risks and uncertainties including changes in economic and market conditions, successful implementation of growth plans, and other risks noted in the Company's SEC filings which may cause actual results to differ materially. |
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