Business Mirror By VG Cabuag
Laguna-based Cirtek Holdings Philippines Corp. (CHPC) has secured a high rating from a local credit ratings agency for its three-year, shelf registration of its commercial papers worth P2 billion.
The company secured a PRS A with a stable outlook from the Philippine Rating Services Corp.
A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates.
The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates, according to the local ratings firm.
A stable outlook is an indication as to the possible direction of any rating change within one year and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators and the general public.
The said ratings were based on manageable liquidity and capitalization levels, the Cirtek group’s established track record in the industry, its strong customer base of well-established and global companies, diversified in terms of region and industries; and improved profit margins despite lower revenues.
The ratings, however, included “highly competitive and cyclical industry that is susceptible to adverse changes in various economies and characterized by the presence of larger international players.”
“PhilRatings’ ratings are based on available information and projections at the time that the rating review was performed,” it said.
Cirtek, a company led by the Tiu group, started out as a semiconductor firm based in Laguna, but transformed itself into a fully integrated global technology company that expanded its market on wireless communication.
“Members of CHPC’s senior management team have been around for over 35 years and have weathered economic ups and downs and political crises in the Philippines. Through this time, it was able to grow its operations amidst a highly competitive and cyclical industry with larger international players,” the ratings firm said.
Oct 27, 2021
Published by Bilyonaryo
The Securities and Exchange Commission (SEC) has approved the plan of Jerry Liu-led Cirtek Holdings Philippines Corp. to raise up to P3.5 billion from the sale of preferred shares.
Cirtek is selling up to 70 million preferred shares at P50 per share.
Net proceeds from the offering, amounting to P3.44 billion, will be used to refinance debt, pay down maturing obligations and support capital expenditure requirements.
The offering will start on November 25 and will run until December 3, in time for the listing of the preferred shares on the Philippine Stock Exchange on Dec...
Read moreJan 16, 2025
Published by Business Mirror
Laguna-based technology firm Cirtek Holdings Philippines Corp. said an American multinational semiconductor company has recognized its unit as the top contract manufacturer worldwide for the evaluation boards product line.
Analog Devices Inc. has recognized Cirtek Advanced Technologies and Solutions Inc. (CATSI) as the number one contract manufacturer during the fourth quarter of last year, the company said.
Analog specializes in data conversion, signal processing and power management technology.
CATSI previously held the number three position during the first and ...
Read moreAug 16, 2021
Published by Daily Tribune
Cirtek Holdings Philippines Corporation (TECH) has raised P1.37 billion from the stock price offering of 249 million shares on Monday.
The company intends to use the proceeds from the offer to partially retire its short-term obligations and refinance the working capital of its subsidiaries, Quintel USA, Cirtek Electronics Corp. (CEC), and Cirtek Advanced Technologies and Solutions, Inc. (CATSI).
“I understand that Cirtek is eyeing new markets that would expand the product portfolio of its subsidiaries. With these activities, Cirtek’s units are well-positioned to bene...
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