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 12, 2021
Cirtek Electronics Corporation reported that its revenues will get a 20 percent boost this year as it ramps up production
Read moreMar 14, 2022
Published by Malaya
Cirtek vaccination drive
Cirtek Holdings Philippines Corp. has extended its support to facilitate the drive to have majority of its employees vaccinated against COVID-19.
The company worked with Laguna Technopark’s vaccination facility by fielding its own set of medical volunteers, giving its employees easier access to a vaccination facility directly adjacent to the company’s facility.
This drove the workforce’s vaccination rate to 99.7 percent at present. The company’s medical team is moving forward to provide booster shots.
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Published by Business World
CIRTEK Holdings Philippines Corp. has listed 249.44 million common shares in the local bourse, and will issue bonus detachable warrants of the same number, the company said on Monday.
In a press release, Cirtek Holdings said that the common shares sold through a stock rights offer are at an offer price of P5.50 per entitlement right each. The company set the ratio at one entitlement right for every 1.68 common shares.
Meanwhile, the company said that it is also issuing bonus detachable warrants which are free-of-charge to the investor. “[The warrants] shall be issue...
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