Published by Business Mirror
Cirtek Holdings Philippines Corp. on Monday listed on the Philippine Stock Exchange (PSE) 249.44 million in common shares that carry a detachable warrant, which the company sold via a stock rights offering (SRO).
The said shares were sold at P5.50 per share, or a total of P1.37 billion.
Cirtek shares were last traded at P4.60 apiece.
In his welcome message, PSE president and CEO Ramon S. Monzon cited the competitive environment of the technology solutions space given the rapid advancement in this field and expressed optimism over Cirtek’s plans for its subsidiaries.
“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 benefit from the upbeat prospects in the semiconductor and the antenna spaces.”
The company said it intends to use the proceeds from the offer to partially retire its short-term obligations and refinance working capital of its subsidiaries Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.
Under Cirtek’s rights offer, the shares were offered at a ratio of one entitlement right for every 1.68 common shares held by shareholders of record as of July 7.
Each share carries free detachable warrants. The exercise price for the bonus detachable warrant is P5.50.
Abacus Capital and Investment Corp. and PNB Capital Corp. acted as joint issue managers and lead underwriters.
The application for the increase in authorized capital stock of the company, where the new shares came from, and amended Articles of Incorporation has been approved by the Securities and Exchange Commission on August 10.
In May Cirtek also raised some P1 billion from commercial papers. The company said the offering was oversubscribed by four times.
Cirtek said its fund raising was oversubscribed since it did the offering at a time of monetary easing and consecutive rate cuts by central banks.
The said paper was listed for trading on the Philippine Dealing and Exchange Corp.
The said fund raising is part of the company’s P6-billion debt program.
Quintel USA designs, develops and delivers high-performance antenna products and solutions for big telecommunications companies in North America. Cirtek Electronics, meanwhile, is primarily engaged in the business as an independent subcontractor for semiconductor assembly, test and packaging services. The company has regular customers spread out in Europe, the United States and Asia.
Cirtek’s net income in the first semester grew 60 percent to $7.98 million (about P399 million) from last year’s $4.98 million (P249 million).
In April to June, its income rose 69 percent to $4.36 million (P218 million) from last year’s $2.57 million (P128 million).
Dec 03, 2021
Published by Malaya
Cirtek Holdings Philippines Corp. expects to raise P2.5 billion from its ongoing preferred share sale.
It was earlier looking at a P3.5 billion fund raising.
The company said it is now selling 50 million of its preferred shares at an offer price of P50 apiece from an earlier 70 million, divided into an initial 30 million and another 20 million covering the oversubscription option.
The preferred shares that will have a series of TCB2C for the Preferred Class B-2 Subseries C and CB2D for the Preferred Class B-2 Subseries D will have a dividend rate of 6.5864 percent for TCB2C...Read more
Mar 10, 2022
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said its units were able to secure its respective ISO certifications on environmental and management standards, which will allow the company to attract more European and Japanese customers.
In its disclosure, the company said its units Cirtek Electronics Corp. and Cirtek Advanced Technology Solutions Inc. passed their ISO 14000 audits with zero non-conformance.
“Considering the stringent requirements of an ISO 14000 certificate, the company considers this a victorious achievement,” the company said. “Passin...Read more
Sep 16, 2020
Cirtek Holdings Philippines Inc. said US-based subsidiary Quintel bagged a telecommunications contractRead more