Cirtek preferred shares offer secures SEC nod

Dec 05, 2021

Cirtek preferred shares offer secures SEC nod

Published by Daily Tribune

The Securities and Exchange Commission (SEC) has issued Cirtek Holdings Philippines Corporation (TECH) a permit to sell and order of registration of securities for the primary offering of up to 50 million Preferred Class B-2 Shares.

In a disclosure on Thursday, TECH said the cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares has a par value of P1.00 per share at an offer price of P50 per share to be issued as Preferred Class B-2 Subseries C or D Shares.

The preferred shares are targeted to be listed on the Philippine Stock Exchange on 14 December.

Time-bound debt papers Although the preferred shares are perpetual, they have a synthetic maturity of three and five years from the listing date.

If TECH does not redeem the Subseries C or Subseries D preferred shares on the third and fifth year, respectively, the company will have to pay a higher dividend rate.

The final structure of the Offer is to offer for sale or subscription of P1.5 billion in aggregate issue value, consisting of up to 30 million Preferred Class B-2 Shares, composed of Preferred Class B-2 Subseries C and/or D Shares.

“TECH expects to raise gross proceeds from the primary offering of Preferred B-2 Shares, to be issued as either Subseries “C” and/or “D”, from the offer price of P50 per preferred B-2 share will be approximately P1,456.6 million,” the company said.

  • 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
  • Jan 12, 2021

    Citek assigned ´PRS A (corp.)´ issuer credit rating

    Citek assigned ´PRS A (corp.)´ issuer credit rating

    Cirtek Holdings Philippines Corp. has been assigned an above average capability to fulfill financial obligations by a local debt watcher.

    Read more
  • Oct 27, 2021

    Cirtek aims to raise ₧3.5B from preferred shares offer

    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 ...

    Read more