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5 March 2010 – Plexus Taiwan US$1.5 million banking facility
To fund our expansion plan in North Asia, we have secured a new banking facility with Chinatrust Commercial Bank Co., Ltd amounting to US$1.5 million under Plexus Taiwan. The purpose of the trade facilities is for the funding of working capital. Incorporated in May 2003, Plexus Taiwan is a branch office of Plexus Components Pte Ltd.
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1 January 2010 - Award of non-exclusive Distributorship by Mitsubishi Electric Asia Pte Ltd
On 1 January 2010, Mitsubishi Electric Asia Pte Ltd (“Mitsubishi Electric”) has granted Plexus non-exclusive rights to sell Mitsubishi Electric’s range of power devices in India and South East Asia countries. The award of the distributionship further strengthens the extensive distribution network of Plexus and is an expression of confidence by an global electronics conglomerate on Plexus in business partnering.
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9 February 2010 – Approval of Scheme of Creditors of Westech Electronics Limited
Westech Electronics Limited has announced on 9 February that the Scheme of Creditors has been sanctioned by the High Court on 8 February. We are now one-step closer to the completion of the RTO. For more details on the announcement, please refer to we Westech’s announcement “Scheme of Arrangement – Court Sanction” http://westech.listedcompany.com/newsroom.html/year/2010.
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1 July 2009 - Plans for listing on SGX through RTO
On 1 July 2009, Westech Electronics Limited (listed on Singapore Exchange) had announced that it had entered into a Sale and Purchase Agreement with the shareholders of Plexus to undertake the to acquire the entire issued and paid up capital of Plexus Components Pte Ltd for an aggregate consideration of S$10,000,000 which shall be fully satisfied by the allotment and issue of the Consideration Shares. The issue of the Consideration Shares will result in a very substantial acquisition or reverse takeover of WesTech under Rule 1015 of the Catalist Listing Manual. The proposed acquisition is subject to, inter alia, the approval of Shareholders and the Company obtaining an opinion from an independent financial adviser under Rule 906 of the Catalist Listing Manual, and the Scheme of Arrangement having been approved by the Scheme Creditors and sanctioned by the Court. For more information, please refer to the Westech’s announcement “Proposed Acquisition By The Company of the Entire Issued and Paid-Up Capital of Plexus Components Pte Ltd http://westech.listedcompany.com/newsroom.html/year/2009
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