Asia Pacific Wire & Cable Corp announces plans for rights offering

Asia Pacific Wire & Cable Corporation announced that it has filed a Registration Statement on Form F-1 with the Securities and Exchange Commission for a proposed rights offering to holders of its common shares. The purpose of the rights offering is to “raise equity capital in a cost-effective manner that gives all company shareholders the opportunity to participate on a pro rata basis,” the company stated. If the rights offering is fully subscribed, the company expects to receive gross proceeds of approximately $34.2M. The net proceeds from the rights offering will be used primarily for investment in funding new production facilities “aimed at taking advantage of the global supply chain re-alignment,” the company added. The company’s controlling shareholder, Pacific Electric Wire & Cable Co., has informed the company that it intends to participate in the rights offering by means of a cash investment of at least approximately $27.7M.