PIE ... May11

Penang based PIE’s link with Apple is more tangible than mere sentiments. Its parents company is Taiwan listed Pan Intl Industrial Corp which holds 51.43% stake in PIE.

 

The largest shareholder of PIIC, with a 20.87% stake is Hon Hai Precision Industry Co Ltd, whose trade name is Foxconn. Foxconn is one of the chief contract manufacturers for the latter’s line of iPhones, iPads and iPods.

 

PIE executive director is David Chen. One of the company executive directors – Cheung Ho Leung had worked with Apple in the early 1990s and is the corporate vice president and general manager of the integrated digital products business group for Hon Hai. Non independent non executive director Cheng Shing is a consultant of Foxconn Singapore Pte Ltd.

 

Apple, especially, is said to be having a hard time manufacturing enough iPads to keep up with demand.

 

The company’s books reveal that as at end 2010, it had cash and bank balances of rm28.2 million and no borrowings.

 

With PIE’s planned expansion and link with Foxconn, PIE is expected to be beneficiary.