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
Apr 15, 2015
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Oct 27, 2021
Published by Bilyonaryo
The Securities and Exchange Commission (SEC) has approved the plan of Jerry Liu-led Cirtek Holdings Philippines Corp. to raise up to P3.5 billion from the sale of preferred shares.
Cirtek is selling up to 70 million preferred shares at P50 per share.
Net proceeds from the offering, amounting to P3.44 billion, will be used to refinance debt, pay down maturing obligations and support capital expenditure requirements.
The offering will start on November 25 and will run until December 3, in time for the listing of the preferred shares on the Philippine Stock Exchange on Dec...Read more
Oct 28, 2021
Published by Business World Online
THE Securities and Exchange Commission (SEC) has given Cirtek Holdings Philippines Corp. the go signal to offer as much as P3.5 billion of preferred shares to the public.
“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 commission said in an e-mailed statement on Wednesday.
According to the latest timetable submi...Read more