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
Oct 29, 2021
Published by Philstar
MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the public offering by Cirtek Holdings Philippines Corp. of up to P3.5 billion worth of preferred shares.
In a meeting on Oct. 26, the SEC approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at a price of P50 per share, with an oversubscription option of up to 20 million preferred shares.
The listed tech manufacturer expects to net P3.44 billion from the offer, assuming the oversubscription option is fully exercised, proceeds of which will ...
Read moreJul 05, 2021
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...
Read moreJan 12, 2021
Cirtek Electronics Corporation reported that its revenues will get a 20 percent boost this year as it ramps up production
Read more