Cirtek outlook rated stable

Jan 13, 2021

Cirtek outlook rated stable

Malaya Business Insight

Philippine Rating Services Corp. (PhilRatings) assigned an issuer credit rating of PRS A (corp.), with a stable outlook, for Cirtek Holdings Philippines Corp. (CHPC).

This is in relation to the company’s three-year shelf registration for commercial papers (CPs) of up to P2 billion.

A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates.

The rating and outlook were assigned given the following key considerations: manageable liquidity and capitalization levels; the Cirtek Group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises, and industry challenges; CHPC’s strong customer base of well-established and global companies, diversified in terms of region and industries; improved profit margins despite lower revenues, attributable to the company’s cost management efforts; and highly competitive and cyclical industry that is susceptible to adverse changes in various economies and characterized by the presence of larger international players.

  • Aug 17, 2021

    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 issue...

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  • Dec 02, 2021

    SEC allows Cirtek to sell ₧2.5B in preferred shares

    Published by Business Mirror

    Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.

    The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.

    The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.

    Cirtek has been allowed to offer up to 70 million shares, or proceeds ...

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  • Jul 02, 2021

    PSE approves Cirtek P2.74-B rights offering with bonus warrants

    The Philippine Stock Exchange has approved Cirtek Holdings Philippines Corporation’s planned stock rights offering with bonus detachable warrants that will raise a total of P2.74 billion.

    Read more