Amtek Engineering, a Singapore-based precision metal stamping and manufacturing company with assets of around SGD500 million (USD287 million), recently entered a foreign exchange swap to convert U.S. dollars into its domestic currency. "We always hedge our fx exposure," said Roger Lim, head of the finance department.
The firm entered a USD80 million foreign exchange swap to switch greenback receipts into Sing dollars, according to Lim, who declined to give specifics. DBS Bank is the counterparty on the swap. Jenny Lee, spokeswoman at DBS in Singapore, did not return calls.
Amtek has also entered interest rate swaps in the past, said Lim, declining to elaborate. The firm selects counterparties on the basis of pricing.
