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
Dec 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 ...
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 Revin Mikhael D. Ochave Business World
A UNIT of technology company Cirtek Holdings Philippines Corp. has extended a master supply agreement with two telecommunication companies in North America.
Cirtek said in a regulatory filing on Monday that the agreement between its telecom base station antenna unit Quintel USA, Inc. and two unnamed carriers provides for a business extension of another five years.
“This comes at a time following a series of new product introductions released by Quintel when fifth generation (5G) is at an inflection point,” Cirtek said.
“Quintel’s 5G products ...
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