SEC approves semiconductor firm’s P660M IPO

ABS-CBN News



MANILA, Philippines – The Securities and Exchange Commission (SEC) en banc approved the P660 million initial public offering (IPO) of semiconductor assembler Cirtek Holdings Philippines Inc.

Cirtek Holdings will be offering 61.82 million common shares to the public, which represent 34% of the company’s issued and outstanding capital stock.

The offer shares will be listed under the first board of the Philippine Stock Exchange and shares will be sold at a maximum offer price of P10.68 per share.

The final offer price will be set on September 15, while the offer period will be from September 19 to 23. The listing date is on September 30.

The company said proceeds from the IPO will be used to acquire assembly equipment and construct a third building in its manufacturing complex in Laguna Technopark, Binan, Laguna.

Owned by businessman Jerry Liu, Cirtek Holdings is an independent complete solution provider for subcontract manufacturing of semiconductor devices. It provides turnkey solutions that include package design and development, wafer probing, wafer back grinding assembly and packaging, final testing of semiconductor devices and delivery and shipment to its customers.

Cirtek will be only the second company to conduct an IPO this year. The first was Megawide Construction Corp. raised P2.2 billion in proceeds when it was listed last February.

In 2010, Cirtek Holdings posted a net income of $3.6 million versus $960,000 in 2009 while net sales stood at $34.2 million up from 2009 level of $23.9 million.

The company has tapped BDO Capital and Investment Corp., the wholly owned investment banking subsidiary of BDO Unibank Inc., to be the underwriter for the offering.

 


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