Published by Business Mirror
The Securities and Exchange Commission (SEC) has approved Cirtek Holdings Philippines Corp.’s public offering of up to P3.5 billion worth of preferred shares.
In its en banc meeting, the agency approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at an offer price of P50 per preferred share, with an oversubscription option of up to 20 million preferred shares.
The preferred shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
The Laguna-based manufacturer expects to net P3.44 billion from the offer, assuming the oversubscription option is exercised.
Proceeds will be used for the refinancing of Cirtek’s existing debt, partial payment of maturing debt, capital expenditures, purchase equipment, as well as for the working capital of its subsidiaries.
The offer will run from November 25 to December 3, in time for the listing of the preferred shares on the PSE on December 10, based on the latest timetable submitted to the SEC.
Cirtek engaged PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner for the offer.
The company has been raising funds this year to retire its obligations and fund its expansion.
In August, it completed its stock rights offer, raising some P1.37 billion, proceeds of which will be used to partially retire its short-term obligations and refinance the working capital of its subsidiaries Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.
Cirtek in May also raised some P1 billion worth of commercial papers. The company said the offering was oversubscribed by four times.
The said paper, which was part of its P6-billion debt program, was listed for trading at the Philippine Dealing and Exchange Corp.
Cirtek posted a net income growth of 60 percent to $7.98 million (about P399 million) in the first half from last year’s $4.98 million (P249 million). For the quarter ending June, its income grew 69 percent to $4.36 million (P218 million) from last year’s $2.57 million (P128 million).
Oct 27, 2021
Published by Manila Standard
The Securities and Exchange Commission said Wednesday it approved the P3.5-billion preferred shares offering of semiconductor manufacturer Cirtek Holdings Philippines Corp. Cirtek was allowed to register and offer up to 50 million preferred shares at a price of P50 apiece, with an oversubscription option for another 20 million preferred shares. The company has yet to set the dividend rate for the preferred shares. The preferred shares will be listed and traded on the main board of the Philippine Stock Exchange. Cirtek will use the net proceeds from the offering wil...Read more
Jan 12, 2021
Laguna-based Cirtek Holdings Philippines Corp. on Monday said it will scale up the output of its semiconductor plantsRead more
Aug 16, 2021
Publishehd by Rappler
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