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Amtek responds to Bloomberg report on 'plans to double sales'

Tuesday, June 23, 2015 - 12:53
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Workers at Amtek Engineering.

AMTEK Engineering on Tuesday clarified in a statement that its "plans to double sales to US$2 billion in five to seven years through acquisitions" is in view of the acquisition of US precision-tool maker Interplex Industries that it had made last year, and should not be regarded as a sales projection.

Amtek was responding to a Bloomberg article titled "Amtek seeks new markets to expand; majority owners mull divestment" that was published in The Business Times on Tuesday, in which it said "Mr Yeong (Amtek chief executive officer Daniel Yeong) has said that he plans to double sales to US$2 billion in five to seven years through acquisitions".

Said Amtek in the statement released on Tuesday: "The company wishes to clarify that the statement was made in relation to an earlier article dated March 10, 2014 released by Bloomberg titled "Tesla Supplier Amtek to Spur Sales with More Takeovers" and is, therefore, not material new information and not made in the context of the article."

Amtek added it wishes to advise its shareholders to refrain from taking any action in respect of their shares in the company which may be prejudicial to their interests, and to exercise caution when dealing in shares in the company.