Asia Pacific Wire & Cable Corp announces procurement of loan

Asia Pacific Wire & Cable Corporation announced that: the Company will convene its 2020 Annual General Meeting on September 18, 2020 at 9:00 a.m. New York time at its headquarters located at Room B, 15th Floor, No. 77, Section 2, Dunhua South Road, Taipei, 106, Taiwan and the Company has procured a $6,000,000 secured loan from its majority shareholder, Pacific Electric Wire & Cable. The loan is a straight loan, has a one year term, carries a 3% interest rate, and is secured by a pledge of the Company's 98.3% ownership stake in Sigma Cable Company.. The use of proceeds from the loan provided by PEWC will be applied to fund capital expenditures and working capital needs of the Company's business projects, and for other corporate purposes, as determined from time to time. The Company has several projects in the pipeline, including, but not limited to, the acquisition of new machinery for the Company's operation in China, the purchase of a new warehouse in Australia, and the execution of S$200M in supply, delivery and installation projects in Singapore awarded to Sigma Cable last year. The proceeds may be used to fund the subsidiaries who undertake these projects and are short of working capital.