| Asia Pacific Wire & Cable Corp. Ltd | |||
| Ticker: | AWC | Cedar House, 41 Cedar Avenue | |
| Exchange: | New York Stock Exchange | Hamilton, BERMU HM12 | |
| Industry: | Manufacturing (SIC Code 3357) | 4412952244 | |
| Type of Shares: | Common Shares | Filing Date: | 11/13/96 | |
| U.S. Shares: | 3,400,000 | Offer Date: | 3/26/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $14.00 - $16.00 | |
| Primary Shares: | 3,400,000 | Offer Price: | $12.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.84 | |
| Offering Amount: | $51,000,000 | Selling: | $0.50 | |
| Expenses: | $3,400,000 | Reallowance: | $0.10 | |
| Shares Out After: | 10,733,333 |
| Manager | Tier | Phone |
| BT Securities Corporation | Lead Manager | (212) 250-5579 |
| Arnhold and S. Bleichroeder, Inc. | Co-manager | (212) 698-3105 |
| Laidlaw Equities, Inc. | Co-manager | (212) 376-8852 |
| Issuer's Law Firm: | Coudert Brothers |
| Bank's Law Firm: | Simpson, Thacher & Bartlett |
| Auditor: | Ernst & Young |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $161.29 | Assets: | $150.57 | ||
| Net Income: | $9.47 | Curr Assets: | |||
| EPS: | Liabilities: | $66.63 | |||
| Prior EPS: | Curr Liabilities: | ||||
| Cash Flow/Oper: | $18.19 | Equity: | $83.94 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company makes and distributes telecommunications and power cable and enameled wire products in the Asia-Pacific region, primarily in Singapore and Thailand. The company is one of the five largest producers of telecommunications and low voltage power cable and enameled wire in Thailand and is the largest producer of low voltage power cable in Singapore. In 1996, the company sold approximately 83.6% of its manufactured products to customers in Singapore and Thailand and exported the remainder to Asia Pacific emerging markets, including China, Brunei, Myanmar, Indonesia and India, and to Hong Kong and Australia. Sales of Company manufactured products accounted for approximately 92/8% of the company's operating profits in 1996. In Singapore, the company also sells Distributed Products, which consist of copper rod and medium and high voltage power cable. Although sales of Distributed Products have historically accounted for a significant portion of the company's revenues, such sales are significantly less profitable than sales of manufactured products and accounted for approximately 7.2% of operating profits in 1996. |
| Competition |
| The company competes on the basis of price, quality, reputation and service, depending upon market conditions. The company believes that it has earned a reputation for high quality products and has strong customer loyalty. The wire and cable industry in Thailand is highly competitive. In its various product lines, the company competes with a total of approximately 30 local wire and cable manufacturers and, to a lesser extent, with foreign producers for sales in Thailand of telecommunications cable, power cable and enameled wire. The company principally competes with four major wire and cable manufacturers in Singapore. Although the company believes it is the largest manufacturer of low voltage power cable in Singapore, it experiences significant competition form other local producers. The company expects its principal competitors to be the three major wire and cable producers in Australia: Olex Cables, and Pirelli Cables Limited. The company believes that it will be able to compete successfully on the basis of price, product quality, timeliness of delivery and after-sales service. The company anticipates significant competition in selling telecommunications cable in eastern China. |
| Business Plan |
| The company's business strategy is to expand its competitive position in Singapore and Thailand and to establish manufacturing operations in certain selected markets in the Asia Pacific region with the goal of becoming a leader in those markets. The company intends to implement its business strategy in the following manner: (I) Expand and enhance production facilities in Singapore and Thailand, (ii) Establish manufacturing facilities in other markets in the Asia Pacific region, (iii) Develop joint ventures with well-established local partners and (iv) Capitalize on an accomplished management team with extensive regional experience. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for capital expenditures related to the Strategic Development Program and any remaining net proceeds will be applied to the repayment of short term indebtedness on an interim basis pending full implementation of the Strategic Development Plan. |
| Name of Shareholder | % Owned Before | % Owned After |
| Pacific Electric Wire & Cable Co., Ltd | 100.00% | 68.30% |
| Officer Name | Title | Age |
| Timothy C. Faries | Bermuda Resident Representative | 30 |
| James M. Keyes | Bermuda Resident Secretary | 33 |
| Larry D. Horner | Chairman and Chief Executive Officer of the Company | 62 |
| Yu-jeh Tung | Deputy Chairman of the Board of the Company | 64 |
| William A. Hasler | Director | 54 |
| Charles Xue | Director | 43 |
| Jack T. Sun | Director and Chairman of the Executive Committee of the Company | 47 |
| Robert K.F. Ma | Director and Chief Financial Officer of the Company | 45 |
| Hung Chiu Hu | Director and member of the Executive Committee of the Company | 56 |
| Chin-Yung Kung | Director and member of the Executive Committee of the Company | 47 |
| Charles Chung Yuan Han | Director, member of the Executive Committee and Chief Operating Officer of the Company | 56 |