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 of about P3.5 billion, but decided to sell only up to 50 million shares.
It will raise some P1.5 billion from the sale of 30 million preferred class B-2 shares as its primary offering and an additional 20 million preferred shares as its oversubscription option, both at P50 apiece.
“Although the preferred shares are perpetual, they have a synthetic maturity of three and five years from the listing date,” the company said.
The initial dividend rate of the preferred class B-2 subseries C shares has been set at 6.5864 percent per annum while that of the subseries D shares has been set at 7.7506 percent per annum.
If Cirtek does not redeem the two subseries C or subseries D preferred shares on the third and fifth year, respectively, the company will have to pay a higher dividend rate.
Proceeds from the offer will be used to primarily finance the additional capital expenditure and equipment, partial payments of maturing preferred class B2-A shares and maturing loans and working capital of Quintel USA Inc., Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technologies and Solutions Inc. (CATSI).
“With the success of the offering, Cirtek will continue to maintain its roadmap to achieve key engagement in the 5G market and will continue in developing and delivering innovative high-quality products, production flexibility, supply chain stability, and capability to work with customers on development of next generation products,” it said.
PNB Capital and Investment Corp. is the deal’s sole issue manager, lead underwriter and sole bookrunner.
Cirtek’s income in January to September more than doubled to $8.11 million (P408.58 million) from last year’s $3.62 million (P182.37 million).
Net sales rose 5 percent to $62.81 million from last year’s $59.52 million, mainly due to 12-percent increase in revenue contribution of CEC and 19 percent increase in revenue of CATSI.
Revenue contribution from Quintel for the nine-month period amounted to $13.4 million, the company said.
Jul 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 more
Jan 12, 2021
Cirtek Holdings Philippines Corp. has been assigned an above average capability to fulfill financial obligations by a local debt watcher.Read more
Dec 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 more