PEWSC has been awarded second place in the "2010 Top Ten China Wire and Cable Companies" honors conferred annually by HC, a leading service provider of B-to-B e-commerce in China; the China Electrical Equipment Industrial Association; and the China Transformer Industry Association. PEWSC was selected from a group of 1,600 companies that participated in the event. The award was conferred to PEWSC on January 11, 2011 at the landmark Beijing Diaoyutai State Guest House. This honor recognizes the Company's commitment to excellence, and was awarded by the industry, government, academia and customers.
Separately, the Company's 98.3%-owned subsidiary, Sigma Cable Company (Pte) Ltd., recently secured two contracts with a total value of approximately $14.1 million.
The first contract is with SP PowerAssets Limited, the sole electricity transmission and distribution company in Singapore, and is valued at approximately $9.4 million. Per the agreement, Sigma Cable will undertake a turnkey project to construct a network of 66 kV power lines to be completed during the next two years. This project is the first of many to be awarded this year as the Singaporean government (LTA) finalizes road diversions for its Mass Rapid Transport system (the Downtown line).
In the second contract, which will be fulfilled under the terms of the ASEAN Free Trade Area (AFTA) agreement, Sigma Cable will provide electrical power cable to a Brunei Public residential area with 1,100 housing units, with a contract value of approximately $4.7 million. This contract will supply high-quality, low-voltage power cable to Sigma cable's strategic partner, DHJ Electrical Engineering, one of the most prominent contractors in Brunei, for delivery in April, May, and June of 2011. Brunei remains a niche overseas market for Sigma Cable, and its government is likely to release additional contracts for public housing projects in the coming years.
Source: Asia Pacific Wire & Cable Corporation