Published by Malaya
Cirtek Holdings Philippines Corp. said it has successfully raised P1.37 billion in funding through a stock rights offer (SRO) where existing shareholders subscribed to 249.44 million shares at P5.50 per share.
The SRO entitled a shareholder to buy one share from the pool of shares made available for every 1.68 Cirtek shares it owns. The company also included in the share sale one detachable warrant for each shares bought, which its holder can use to buy additional Cirtek shares at a price of P5.50, starting on the 12th month after the stock rights offer and until the 36th month or three years after.
Both shares under the SRO and the warrants were listed with the Philippine Stock Exchange Monday. The SRO ran July 12 to 22, 2021.
Cirtek said it plans to use the proceeds of the stock rights offer to refinance existing debt and short-term obligations of unit Cirtek Electronics Corp. and) finance the working capital of Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc. — Ruelle Albert D. Castro
Jul 19, 2021
Published by Bilyonaryo
Shareholders of Cirtek Holdings Philippines Corp. are probably scratching their heads over the stock’s underwhelming performance in the middle of its P1.4B stock rights offering.
Shares of TECH closed at P5.21 per share during Friday’s trading, down 25 percent from an intra-day high and below the P5.50 subscription price for the SRO.
Should shareholders subscribe when they can buy shares for cheaper at market?
Nicky Franco, the head of research of Abacus Securities, said taking up the TECH rights with its bonus warrants should be a “no brainer.”
Franco estimated that th...
Read moreJan 13, 2021
Philippine Rating Services Corp. (PhilRatings) assigned an issuer credit rating of PRS A (corp.)
Read moreJan 14, 2025
Published by The Daily Tribune
Analog Devices, Inc. (ADI), the American multinational semiconductor company, has recognized Cirtek Advanced Technologies and Solutions Inc. (CATSI) as the leading contract manufacturer for its Evaluation Boards Product Line for the fourth quarter of last year.
CATSI, which previously held the third position during the first and second quarters, steadily climbed to become the second-ranked manufacturer by the end of the third quarter of 2024.
The Evaluation Board Product Line is a crucial business unit for ADI, enabling the company to showcase its analog, mixed-s...
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