Yuan Chun Tang, Chairman of APWC, who is also the Chairman of PEWC
, stated, "APWC is pleased that PEWC
has expressed its confidence in the Company and determined to reinvest significant funds in the Company through the exercise of its option and again become the majority shareholder of the Company.
Han continued, "As I stated when the PEWC - AMC transaction was first announced, AMC will bring stability to the APWC shareholder base and we look forward to having them join our board of directors.
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.
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.
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.
Set Top") have entered into a settlement agreement pursuant to which PEWC has agreed to pay Set Top $25 million by August 30, 2004 (subject to extension) to purchase all of Set Top's interest in APWC's shares.
Pursuant to the settlement agreement, APWC, PEWC and Set Top have agreed to withdraw and dismiss all claims in all litigation proceedings against each other, including the actions in New York, Singapore and Bermuda, and Set Top has agreed to withdraw all of its claims in the PUSA bankruptcy proceedings.
APWC Pledges Shares in APWC General Holdings Limited to PEWC
Tom Tung, the former chairman of APWC and PEWC, and certain associated parties, in connection with an attempted transfer of a controlling interest in APWC to Set Top through a series of transactions which the Company has alleged, in the civil action, have involved self-dealing, breach of contract and fraud.
As previously disclosed, in September 2001, PEWC and Swiss Re entered into an Amended and Restated Letter of Credit and Reimbursement Agreement (the "LC Agreement"), pursuant to which Swiss Re issued a letter of credit to satisfy certain credit and loan obligations of PEWC's subsidiary, Pacific USA Holdings Corp.
Following an internal investigation, it was discovered by the Boards of both PEWC and APWC that Mr.
With a capitalization of US$ 3 billion, TFN's shareholders include the PEWC
Group, Taiwan Cellular Corporation, the Acer Group, the Evergreen Group, the Fubon Group, the Compal Group, the ASE Group, Yageo Corporation, Hon Hai Precision Industries, Continental Engineering Corporation, the Shinkong Group, and China Development Corporation.