Cirtek lists 249M common shares, to issue warrants

Published by Business World

CIRTEK Holdings Philippines Corp. has listed 249.44 million common shares in the local bourse, and will issue bonus detachable warrants of the same number, the company said on Monday.

In a press release, Cirtek Holdings said that the common shares sold through a stock rights offer are at an offer price of P5.50 per entitlement right each. The company set the ratio at one entitlement right for every 1.68 common shares.

Meanwhile, the company said that it is also issuing bonus detachable warrants which are free-of-charge to the investor. “[The warrants] shall be issued as part of the subscription to the entitlement rights,” it added.

A bonus detachable warrant comes at an exercise price of P5.50.

“The company intends to use the proceeds from the offer to partially retire its short-term obligations and refinance working capital of its subsidiaries, namely Quintel USA, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions, Inc.,” Cirtek said.

Cirtek is a holdings company primarily engaged in the manufacture and sale of semiconductor packages, the manufacture of highly integrated technology products and the delivery of antenna solutions.

Previously, Cirtek announced that it was open to list its unit Quintel USA, Inc. in the US-based stock exchange Nasdaq through an initial public offering.

The firm earlier reported a second-quarter attributable net income of $2.31 million, up by around 70% versus $1.36 million in the same period last year.

Cirtek shares went down by 2.13% or 10 centavos to finish at P4.60 apiece on Monday. — Angelica Y. Yang