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 and 7.7506 percent for the TCB2D.
Cirtek said it will use the proceeds to primarily finance the additional capital expenditure/equipment, partial payments of maturing Preferred Class B2-A shares and maturing loans and working capital of Quintel USA Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc.
Jan 13, 2021
Laguna-based Cirtek Holdings Philippines Corp. (CHPC) has secured a high rating from a local credit
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Cirtek Electronics Corporation on Monday said it will scale-up its production and improve revenues
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Published by Bilyonaryo
Shareholders of Cirtek Holdings Philippines Corp. are probably scratching their heads over the stock’s underwhelming performance in the middle of its P1.4B stock rights offering.
Shares of TECH closed at P5.21 per share during Friday’s trading, down 25 percent from an intra-day high and below the P5.50 subscription price for the SRO.
Should shareholders subscribe when they can buy shares for cheaper at market?
Nicky Franco, the head of research of Abacus Securities, said taking up the TECH rights with its bonus warrants should be a “no brainer.”
Franco estimated that th...
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