Published by Inquirer.net
Electronics manufacturer Cirtek Holdings Philippines Corp. is set to conclude today, Dec. 3, the public offering of as much as P2.5 billion worth of perpetual preferred shares, proceeds from which will be used to refinance debt and fund the expansion of key subsidiaries.
Cirtek’s preferred shares have two series: one with a synthetic maturity of three years carrying an interest rate of 6.5864 percent per annum, and another with a synthetic maturity of five years carrying an interest rate of 7.7506 percent per annum.
Higher divident rate The synthetic maturity means that while the preferred shares have perpetual tenor, if Cirtek does not redeem the securities within a certain period—in this case, the third and fifth year, respectively—it will have to pay a higher dividend rate.
The base offer size is P1.5 billion consisting of up to 30 million preferred shares. Investors will pay P50 apiece.
In the event of oversubscription, the sole issue manager, lead underwriter and sole book runner, PNB Capital & Investment Corp. will have the right to upsize the offering by 20 million shares.
The preferred shares are targeted to be listed on the Philippine Stock Exchange on Dec. 14.
Net proceeds will be used to finance the additional capital expenditure, equipment and working capital and partial payment for the maturing preferred shares and debt of subsidiaries Quintel USA Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.
—DORIS DUMLAO-ABADILLA
Jan 13, 2021
Laguna-based Cirtek Holdings Philippines Corp. (CHPC) has secured a high rating from a local credit
Read moreDec 02, 2021
Published by Manila Standard
Cirtek Holdings Philippines Corp. said Thursday it obtained the approval of the Securities and Exchange Commission to issue P2.5-billion worth of preferred shares. Cirtek said in a disclosure to the stock exchange it would offer 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable preferred shares at P50 apiece. Cirtek will issue the preferred shares in two series, including Class B-2 Subseries C shares with a dividend rate of 6.5864 percent per annum, and Class B-2 Subseries D shares with a dividend rate of 7.7506 percent ...
Read moreJul 14, 2021
Published By Malaya Business Insight
Cirtek Holdings Philippines Corp.’s telecom base antenna unit Quintel USA Inc. has secured five more years of contract to supply antennas to two leading carriers in North America.
Cirtek said this is 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 customer’s network architecture in mind allowing synergies in terms of backwards compatibility to existing infrastructure while providing 5G capability at a fraction of the cost against competitor products...
Read more