TAIPEI, Taiwan, Aug. 30, 2018 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (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 Board of Directors has declared a cash dividend of $0.08 per share payable on all issued and outstanding common shares. The dividend will be payable on November 30, 2018, to all common shareholders of record as of the close of business on September 14, 2018.
This cash dividend of over $1.1 million is in line with the Company’s stated dividend policy of paying approximately 25% of net income attributable to APWC shareholders. 2017 net income attributable to APWC shareholders was approximately $8.7 million, but included $4.4 million in one-time gains from the sale of the land use rights and buildings of the Company’s Ningbo, China facility, which would have resulted in net income from ordinary operations of $4.3 million.
The Company’s dividend is slightly lower than last year’s dividend of $.10 per share, primarily due to the fact that APWC needs to reserve certain funds for entry into new possible business lines. The Company has previously stated that it intends to diversify its business beyond wire and cable products. Pursuant to this, APWC’s Board of Directors has approved the establishment of a new entity to facilitate the establishment of the Company’s renewable energy business in Taiwan.
Because, the Taiwan government is promoting renewable energy and offers attractive feed-in tariffs to purchase green energy, the Company believes that it should take this opportunity to enter this business. Furthermore, APWC is well positioned to enter the renewable energy business sector by aligning international corporate players with Taiwanese authorities, key strategic developers and material suppliers in the industry. APWC’s management team expects to develop and launch its renewable energy business initiatives in the fourth quarter of 2018.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company. The Company also provides project engineering services in the supply, delivery and installation of power cables to certain of its customers. For more information on the Company, visit www.apwcc.com. Information on the Company' website or any other website does not constitute a portion of this release.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", "anticipates", "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.