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
Mar 11, 2022
Published by Malaya
Cirtek Holdings Philippines Corp.’s subsidiaries Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technology Solutions Inc. (CATSI), have recently passed their ISO 14000 audits with zero non-conformance.
The certification provides assurance a company effectively established and maintains adequate environmental standards as well as management systems.
Organizations holding an ISO 140001 certificate adhere to the international environmental laws and regulations, run their operations with the aim of preventing pollution, and continuously strive to improve its environmenta...Read more
Aug 16, 2021
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...Read more
Mar 14, 2022
Published by Malaya
Cirtek vaccination drive
Cirtek Holdings Philippines Corp. has extended its support to facilitate the drive to have majority of its employees vaccinated against COVID-19.
The company worked with Laguna Technopark’s vaccination facility by fielding its own set of medical volunteers, giving its employees easier access to a vaccination facility directly adjacent to the company’s facility.
This drove the workforce’s vaccination rate to 99.7 percent at present. The company’s medical team is moving forward to provide booster shots.
Smile Train bags Anvil
Smile Train, the world’Read more