<p>2025 年 12 月 1 日- 上午 8:00</p>
<p>羅馬 --（商業資訊）-- 股東 Marco M. Elser 今天向亞太電線電纜公司（NASDAQ: APWC）首席執行官 Tony Yuan 發出了以下公開信，呼籲立即進行資本配置改革，並取消最近宣佈的配股計劃。</p>
<p>亞太電線電纜公司</p>
<p>2901 Dallas Parkway, Suite 360</p>
<p>德克薩斯州普萊諾市 75093</p>
<p>收件人：Tony Yuan</p>
<p><strong>2025 年 12 月 1 日</strong></p>
<p>尊敬的袁先生，</p>
<p>我已經成為亞太電線電纜公司（NASDAQ: APWC）近三十年的重要股東（自 APWC 上市以來）。</p>
<p>在全球電氣化和激增的人工智能驅動需求為電氣基礎設施公司創造前所未有的順風時，我對 APWC 股價的持續下跌感到深切憂慮——無論是絕對值還是相對於行業同行的表現。</p>
<p>APWC 在電力電纜和電氣傳輸產品的製造能力方面具有獨特優勢，這些產品的需求極為旺盛。然而，儘管銅價有利且存在強勁的長期趨勢，APWC 的股票僅以其有形賬面價值的約 22% 交易。在過去五年中，許多同類電線電纜行業公司股價上漲超過 400%，而 APWC 的股價卻下跌了 28%。這種極端的低估清楚地表明市場對公司資本配置決策失去了信心。</p>
<p>最近宣佈的配股計劃，提議以公司每股 7.50 美元的有形賬面價值的一小部分籌集資金，最清楚地驗證了市場對資本配置的擔憂。管理層選擇在股價已經僅為有形賬面價值約 22% 的情況下，發行新股，這將對現有少數股東造成嚴重和直接的稀釋，而不是回購大幅折價的股票或將多餘資本返還給股東。這一決定傳達了一個明確的信息，即管理層優先考慮維持或擴大控制權，而非最大化股東價值。提議的配股計劃不僅沒有解決問題，反而放大了導致股價下跌的資本配置失敗。</p>
<p>為了停止持續的價值破壞並開始恢復股東信心，我懇請董事會和管理層立即採取以下行動：</p>
<ol>
<li>取消當前提議的配股計劃，而是（a）啓動積極的市場回購計劃或（b）以不低於有形賬面價值 60% 的價格進行配股。</li>
<li>成立獨立特別委員會，評估維持 1.37 億美元的銅和成品庫存是否仍符合股東的最佳利益，考慮通過特別股息或加速回購將多餘資本返還給股東。</li>
<li>承諾進行季度財報電話會議和定期戰略更新，以顯著提高與所有股東的透明度。</li>
</ol>
<p>我相信，迅速採取以股東為中心的資本配置政策將為每位公司的所有者釋放出巨大的價值。</p>
<p>感謝您對此事的緊急考慮。我期待着建設性的對話和果斷的行動。</p>
<p>此致，</p>
<p>Marco M. Elser</p>
<p>marco.elser@post.harvard.edu</p>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDE2MTg2NDFyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDE2MTg2NDFyMQ"/></p>
<p>查看商業資訊上的源版本：https://www.businesswire.com/news/home/20251201618641/en/</p>
<p>Marco M. Elser</p>
<p>marco.elser@post.harvard.edu</p>
<p>來源：代表 Marco M. Elser 發言</p>

亞太電線電纜

<p>亞洲電線電纜公司（Asia Pacific Wire & Cable Corporation Limited）的長期股東 Marco M. Elser 向首席執行官 Tony Yuan 發出公開信，敦促立即進行資本配置改革。Elser 批評了公司最近的配股，並建議採取替代策略，如股票回購計劃和提高透明度，以恢復股東信心並釋放價值。他強調需要採取有紀律的、以股東為友好的政策，以應對公司被低估和股價下跌的問題</p>

<p>12/01/2025 - 08:00 AM</p>
<div class="lb-trans"><p>2025 年 12 月 1 日- 上午 8:00</p>
</div><p>ROME--(BUSINESS WIRE)--Shareholder Marco M. Elser today issued the below open letter to Tony Yuan, Chief Executive Officer of Asia Pacific Wire &amp; Cable Corporation Limited (NASDAQ: APWC) regarding the need for immediate capital allocation reforms and the cancellation of the recently announced rights offering.</p>
<div class="lb-trans"><p>羅馬 --（商業資訊）-- 股東 Marco M. Elser 今天向亞太電線電纜公司（NASDAQ: APWC）首席執行官 Tony Yuan 發出了以下公開信，呼籲立即進行資本配置改革，並取消最近宣佈的配股計劃。</p>
</div><p>Asia Pacific Wire &amp; Cable Corporation Limited</p>
<div class="lb-trans"><p>亞太電線電纜公司</p>
</div><p>2901 Dallas Parkway, Suite 360</p>
<div class="lb-trans"><p>2901 Dallas Parkway, Suite 360</p>
</div><p>Plano, TX 75093</p>
<div class="lb-trans"><p>德克薩斯州普萊諾市 75093</p>
</div><p>Attn: Tony Yuan</p>
<div class="lb-trans"><p>收件人：Tony Yuan</p>
</div><p><strong>December 1, 2025</strong></p>
<div class="lb-trans"><p><strong>2025 年 12 月 1 日</strong></p>
</div><p>Dear Mr. Yuan,</p>
<div class="lb-trans"><p>尊敬的袁先生，</p>
</div><p>I have been a meaningful shareholder of Asia Pacific Wire &amp; Cable Corporation Limited (NASDAQ: APWC) for nearly thirty years (since APWC’s IPO).</p>
<div class="lb-trans"><p>我已經成為亞太電線電纜公司（NASDAQ: APWC）近三十年的重要股東（自 APWC 上市以來）。</p>
</div><p>At a time when global electrification and surging AI-driven demand are creating unprecedented tailwinds for electrical-infrastructure companies, I am deeply troubled by the persistent decline in APWC’s share price—both in absolute terms and relative to industry peers.</p>
<div class="lb-trans"><p>在全球電氣化和激增的人工智能驅動需求為電氣基礎設施公司創造前所未有的順風時，我對 APWC 股價的持續下跌感到深切憂慮——無論是絕對值還是相對於行業同行的表現。</p>
</div><p>APWC is uniquely positioned with substantial, in-place manufacturing capacity for power cable and electrical transmission products that are in critically high demand. Yet, despite favorable copper prices and powerful secular trends, APWC shares trade at only ~22% of tangible book value. Over the past five years, many comparable companies in the wire-and-cable sector have seen their stock prices rise by more than 400%, while APWC’s shares have declined 28%. This extreme undervaluation is a clear signal that the market has lost confidence in the Company’s capital allocation decisions.</p>
<div class="lb-trans"><p>APWC 在電力電纜和電氣傳輸產品的製造能力方面具有獨特優勢，這些產品的需求極為旺盛。然而，儘管銅價有利且存在強勁的長期趨勢，APWC 的股票僅以其有形賬面價值的約 22% 交易。在過去五年中，許多同類電線電纜行業公司股價上漲超過 400%，而 APWC 的股價卻下跌了 28%。這種極端的低估清楚地表明市場對公司資本配置決策失去了信心。</p>
</div><p>The recently announced rights offering, which proposes to raise capital at a small fraction of the Company’s $7.50-per-share tangible book value, is the clearest possible validation of the market’s concerns about capital allocation. Rather than repurchasing deeply discounted shares or returning excess capital to owners, management has chosen to issue new shares at prices that would impose severe and immediate dilution on existing minority holders. This decision, coming when the stock already trades at only ~22% of tangible book, sends an unmistakable message that management prioritizes maintaining or expanding control over maximizing shareholder value. Far from solving the problem, the proposed offering only magnifies the very capital-allocation failures that have driven the shares to their current depressed levels.</p>
<div class="lb-trans"><p>最近宣佈的配股計劃，提議以公司每股 7.50 美元的有形賬面價值的一小部分籌集資金，最清楚地驗證了市場對資本配置的擔憂。管理層選擇在股價已經僅為有形賬面價值約 22% 的情況下，發行新股，這將對現有少數股東造成嚴重和直接的稀釋，而不是回購大幅折價的股票或將多餘資本返還給股東。這一決定傳達了一個明確的信息，即管理層優先考慮維持或擴大控制權，而非最大化股東價值。提議的配股計劃不僅沒有解決問題，反而放大了導致股價下跌的資本配置失敗。</p>
</div><p>To halt ongoing value destruction and begin restoring shareholder confidence, I respectfully urge the Board and management to take the following immediate actions:</p>
<div class="lb-trans"><p>為了停止持續的價值破壞並開始恢復股東信心，我懇請董事會和管理層立即採取以下行動：</p>
</div><ol>
<li>Cancel the currently proposed rights offering and instead (a) launch an aggressive open-market share repurchase program or (b) a rights offering priced at no less than 60% of tangible book value.</li>
<li>Form an independent special committee to evaluate whether maintaining $137 million of copper and finished-goods inventory continues to be in shareholders’ best interests, given the Company’s historically low margins, and to explore returning excess capital to shareholders via special dividends or accelerated buybacks.</li>
<li>Commit to quarterly earnings conference calls and regular strategic updates in order to dramatically improve transparency with all shareholders.</li>
</ol>
<div class="lb-trans"><ol>
<li>取消當前提議的配股計劃，而是（a）啓動積極的市場回購計劃或（b）以不低於有形賬面價值 60% 的價格進行配股。</li>
<li>成立獨立特別委員會，評估維持 1.37 億美元的銅和成品庫存是否仍符合股東的最佳利益，考慮通過特別股息或加速回購將多餘資本返還給股東。</li>
<li>承諾進行季度財報電話會議和定期戰略更新，以顯著提高與所有股東的透明度。</li>
</ol>
</div><p>I am convinced that the prompt adoption of disciplined, shareholder-friendly capital allocation policies will unlock substantial value for every owner of the Company.</p>
<div class="lb-trans"><p>我相信，迅速採取以股東為中心的資本配置政策將為每位公司的所有者釋放出巨大的價值。</p>
</div><p>Thank you for your urgent consideration. I look forward to constructive dialogue and decisive action.</p>
<div class="lb-trans"><p>感謝您對此事的緊急考慮。我期待着建設性的對話和果斷的行動。</p>
</div><p>Sincerely,</p>
<div class="lb-trans"><p>此致，</p>
</div><p>Marco M. Elser</p>
<div class="lb-trans"><p>Marco M. Elser</p>
</div><p>marco.elser@post.harvard.edu</p>
<div class="lb-trans"><p>marco.elser@post.harvard.edu</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMDE2MTg2NDFyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20251201618641r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20251201618641/en/</p>
<div class="lb-trans"><p>查看商業資訊上的源版本：https://www.businesswire.com/news/home/20251201618641/en/</p>
</div><p>Marco M. Elser</p>
<div class="lb-trans"><p>Marco M. Elser</p>
</div><p>marco.elser@post.harvard.edu</p>
<div class="lb-trans"><p>marco.elser@post.harvard.edu</p>
</div><p>Source: ON BEHALF OF MARCO M. ELSER</p>
<div class="lb-trans"><p>來源：代表 Marco M. Elser 發言</p>
</div>

Marco M. Elser Issues Open Letter to CEO Tony Yuan of Asia Pacific Wire & Cable Corporation Limited Urging Immediate Capital Allocation Reforms | APWC Stock News

Marco M. Elser 向亞太電線電纜公司有限公司的首席執行官 Tony Yuan 發出公開信，敦促立即進行資本分配改革 | APWC 股票新聞