by VG Cabuag Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Wednesday said it secured the approval of the Philippine Stock Exchange Inc. (PSE) for the company’s stock rights offering (SRO) with bonus detachable warrants, which could yield P1.37 billion.
The company has set a final offer price of P5.50 per entitlement right and a final exercise price of P5.50 for the bonus detachable warrants.
Cirtek said it intends to list some 249.44 million in common shares for the rights shares and 249.44 million in detachable warrants with 249.44 million in underlying common shares.
Investors holding common shares of Cirtek prior to July 2 will be entitled to subscribe to additional common shares of the company at a discounted price of P5.50.
The company said it will give one entitlement right for every 1.68 common shares held.
The entitlement rights shall be subject to the Security and Exchange Commission’s approval of the company’s application for an 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.
Each bonus detachable warrant entitles the investor to the right to subscribe to one underlying common share of the company 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, the company said.
The company said offer period will be from July 12 to 22. Listing on the PSE is tentatively set for August 16.
Cirtek said it expects to raise some P1.37 billion from the SRO.
“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/payout short-term obligations of Cirtek Electronics Corp.,” the company said.
Abacus Capital and Investment Corp. and PNB Capital and Investment Corp will serve as the joint issue managers and lead underwriters for the SRO with bonus detachable warrants. Philippine National Bank – Trust Banking Group will serve as as the receiving and escrow Agent, and BDO Unibank, Inc. – Trust Banking Group as the stock transfer agent and warrants registrar.
Cirtek share price closed on Wednesday at P6.18 apiece.
Sep 16, 2020
A SUBSIDIARY of Cirtek Holdings Philippines Corp. has been awarded a contract to provide antenna to a telecommunications operator in the United States for fifth generation (5G) network rollout.
Read moreAug 16, 2021
Published by Manila Standard
Semiconductor manufacturer Cirtek Holdings Philippines Corp. said Monday it raised P1.37 billion from its stock rights offering. Cirtek said in a disclosure to the stock exchange it listed 249.442 million common shares sold by way of rights offering at P5.50 per share. Shareholders as of July 1 were entitled to purchase 1 share for every 1.68 common shares owned. The shares came with 249.442 million bonus detachable warrants that will be issued free of charge to the investors and as part of the subscription to the entitlement rights. Each bonus detachable warrant e...
Read moreDec 02, 2021
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.
The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.
The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.
Cirtek has been allowed to offer up to 70 million shares, or proceeds ...
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