by James A. Loyola Manila Bulletin
The Philippine Stock Exchange has approved Cirtek Holdings Philippines Corporation’s planned stock rights offering with bonus detachable warrants that will raise a total of P2.74 billion.
Cirtek has set the final offer price at P5.50 per entitlement right and final exercise price at P 5.50 for the bonus detachable warrants.
The rights offer covers 249.44 million common shares and 249.44 million bonus detachable warrants with 249.44 million underlying common shares.
Investors who hold Cirtek common shares prior to the ex-rights date (July 02, 2021) will be entitled to subscribe to additional common shares (entitlement rights) of the company at a discounted price of P5.50 each.
The entitlement rights shall be subject to the approval of the Securities and Exchange Commission of Cirtek’s application for increase in authorized capital stock.
For every one entitlement right subscribed to, one bonus detachable warrant shall be issued free of charge to the investor and shall be issued as part of the subscription to the entitlement rights.
Each bonus detachable warrant entitles the investor the right to subscribe to one underlying common share of Cirtek beginning on the 12th month until the 36th month from issue date at an exercise price of P5.50.
Specifically, for every 1.68 common shares held, the investor will be entitled to one entitlement right. Correspondingly, for every one entitlement right subscribed to, the investor will be issued one bonus detachable warrant with one underlying common share of Cirtek to be issued upon exercise of the warrant.
Shareholders deemed eligible to participate in the SRO must submit the requisite documents and participate in the offer during the offer period of July 12 to 22, 2021, with listing for both the rights shares and the warrants tentatively set for August 16, 2021.
The Ex-Rights Date and Record Date shall be on July 02, 2021 and July 07, 2021, respectively.
Cirtek expects to raise gross proceeds of P1.37 billion from the SRO. Net proceeds will be used to primarily finance the working capital of Quintel USA, Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc., as well as to refinance the existing debt/payout short-term obligations of Cirtek Electronics Corp.
Abacus Capital and Investment Corp. and PNB Capital and Investment Corp will serve as the Joint Issue Managers and Lead Underwriters for the SRO with Bonus Detachable Warrants.
Philippine National Bank – Trust Banking Group is the Receiving and Escrow Agent, and BDO Unibank, Inc. – Trust Banking Group is the Stock Transfer Agent and Warrants Registrar.
Jul 14, 2021
Published By VG CABUAG BusinessMirror
Quintel USA Inc., a unit of Laguna-based Cirtek Holdings Philippines Corp., on Monday said it has extended its master supply agreement with two major leading carriers in North America.
The extension of the agreement allows Quintel another 5 years of secured business with these two telcos, the firm said.
“Quintel is poised to grow its business in the near to medium term as evidenced by the relevance of its pioneering products that has been well received by our customers. Our products allow carriers to stay ahead of their game and maximize 5G services in the...
Read moreJan 13, 2021
CIRTEK Holdings Philippines Corp. has been assigned a PRS A mark by local debt watcher Philippine Rating Services Corp.
Read moreOct 27, 2021
Published By Manila Bulletin
The Securities and Exchange Commission (SEC) has approved the planned P3.5 billion preferred shares offering by Cirtek Holdings Philippines Corporation.
In its meeting on October 26, the Commission En Banc resolved to render effective the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at an offer price of P50 per preferred share, with an oversubscription option of up to 20 million preferred shares.
The preferred shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
The listed tech man...
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