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September 30, 2011
08:18 EDTAPWCAsia Pacific Wire & Cable agrees to sell interest in Shandong Pacific JV
Asia Pacific Wire & Cable announced that the company has successfully entered into an agreement to sell its 51% interest in the Shandong Pacific Fiber Optic Co., Ltd., or SPFO, joint venture, subject to the fulfillment of certain conditions. The company has agreed to sell its interest in SPFO to a group of investors in exchange for a total cash consideration of RMB18.5M, or approximately $2.9M. The sale is conditional upon the satisfactory completion of due diligence by the buyers and the procurement of certain local governmental approvals, both of which APWC currently anticipates will be completed within approximately 30 to 60 days. In addition to the consideration being paid to the company under the agreement, the Company will be released and discharged from all of its obligations with regard to the SPFO joint venture, including the SPFO leasehold obligations. The divesture of SPFO is an important goal of APWC's board of directors and management to enable the company to focus on its core wire and cable businesses that are more profitable and thereby increase shareholder value.
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