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.
Mar 10, 2022
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said its units were able to secure its respective ISO certifications on environmental and management standards, which will allow the company to attract more European and Japanese customers.
In its disclosure, the company said its units Cirtek Electronics Corp. and Cirtek Advanced Technology Solutions Inc. passed their ISO 14000 audits with zero non-conformance.
“Considering the stringent requirements of an ISO 14000 certificate, the company considers this a victorious achievement,” the company said. “Passin...Read more
Jan 12, 2021
Cirtek Electronics Corp. expects sales production to increase by 20% after securing contracts from two major tier 1 customers.Read more
Jul 14, 2021
Published By Revin Mikhael D. Ochave Business World
A UNIT of technology company Cirtek Holdings Philippines Corp. has extended a master supply agreement with two telecommunication companies in North America.
Cirtek said in a regulatory filing on Monday that the agreement between its telecom base station antenna unit Quintel USA, Inc. and two unnamed carriers provides for a business extension of another five years.
“This comes at a time following a series of new product introductions released by Quintel when fifth generation (5G) is at an inflection point,” Cirtek said.
“Quintel’s 5G products ...Read more