Cirtek receives PSE nod for stock rights offer, warrants

Jul 05, 2021

Cirtek receives PSE nod for stock rights offer, warrants

Business World

CIRTEK Holdings Philippines Corp. received the approval of The Philippine Stock Exchange, Inc. (PSE) for its stock rights offering with bonus detachable warrants.

The company said in regulatory filing on Wednesday that shareholders eligible to participate in the stock rights offering should pass the requisite documents and participate during the offer period scheduled on July 12 to July 22.

Listing for both the rights shares and the bonus detachable warrants are tentatively scheduled for Aug. 16, while the ex-rights date and record date will be on July 2 and July 7, respectively.

Further, the company announced that investors who hold common shares of Cirtek before the ex-rights date will be entitled to subscribe to additional common shares, known as entitlement rights, at a price of P5.50.

“The Entitlement Rights shall be subject to the approval of the Securities and Exchange Commission (SEC) of Cirtek’s application for increase in authorized capital stock. For every one Entitlement Right subscribed to, one bonus detachable warrant shall be issued free of charge to the investor and shall be issued as part of the subscription to the Entitlement Rights,” Cirtek said.

“Each bonus detachable warrant entitles the investor the right to subscribe to one underlying common share of Cirtek beginning on the 12th month until the 36th month from issue date at an exercise price of P5.50. The bonus detachable warrants shall be exercisable during business hours within the first two trading days of each month,” it added.

According to Cirtek, an investor will be entitled to one entitlement right for every 1.68 common shares held.

“Correspondingly, for every one Entitlement Right subscribed to, the investor will be issued one bonus detachable warrant with one underlying common share of Cirtek to be issued upon exercise of the bonus detachable warrant,” the company said.

On June 25, Cirtek announced the final offer price of its rights share at P5.50 and the final exercise price of its bonus detachable warrants also at P5.50.

“[The company] intends to list 249,442,472 common shares and 249,442,472 Bonus Detachable Warrants with 249,442,472 underlying common shares,” Cirtek said.

“Cirtek expects to raise gross proceeds of P1,371,933,596 from the stock rights offering of 249,442,472 Entitlement Rights. Net proceeds will be used to primarily finance the working capital of Quintel USA, Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc., as well as to refinance the existing debt and pay out short-term obligations of Cirtek Electronics Corp.,” it added.

On Wednesday, shares of Cirtek at the stock exchange improved 0.98% or six centavos to end at P6.18 per share. — Revin Mikhael D. Ochave

  • Sep 16, 2020

    Cirtek’s subsidiary bags contract with US wireless carrier

    Cirtek’s subsidiary bags contract with US wireless carrier

    Cirtek Holdings Philippines Inc. said US-based subsidiary Quintel bagged a telecommunications contract

    Read more
  • Jul 14, 2021

    Cirtek's Quintel extends supply deal with American telcos

    Published by James A. Loyola Manila Bulletin

    Quintel USA, Inc., the Telecom Base Station Antenna unit under of Cirtek Holdings Philippines Corporation has extended its Master Supply Agreement with two major leading carriers in North America.

    In a disclosure to the Philippine Stock Exchange, Cirtek said “This extension allows Quintel another five years of secured business with these two telcos.”

    It added that, “This comes at a time following a series of new product introductions released by Quintel when 5G is at an inflection point.”

    Quintel’s 5G products are precisely designed with the custome...

    Read more
  • Oct 27, 2021

    SEC approves Cirtek's P3.5-B preferred share offering

    Published By Manila Bulletin

    The Securities and Exchange Commission (SEC) has approved the planned P3.5 billion preferred shares offering by Cirtek Holdings Philippines Corporation.

    In its meeting on October 26, the Commission En Banc resolved to render effective 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 listed tech man...

    Read more