SEC approves Cirtek’s preferred share issue

Oct 29, 2021

SEC approves Cirtek’s preferred share issue

Published by Philstar

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the public offering by Cirtek Holdings Philippines Corp. of up to P3.5 billion worth of preferred shares.

In a meeting on Oct. 26, the SEC approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at a price of P50 per share, with an oversubscription option of up to 20 million preferred shares.

The listed tech manufacturer expects to net P3.44 billion from the offer, assuming the oversubscription option is fully exercised, proceeds of which will be used to refinance Cirtek’s existing debt and for partial payment of maturing debt and for capital expenditures and working capital of its subsidiaries.

The offering will run from Nov. 25 to Dec. 3, in time for the listing of the preferred shares on the PSE on Dec. 10, according to Cirtek’s timetable submitted to the SEC.

PNB Capital and Investment Corp. is the sole issue manager, lead underwriter and sole book runner for the offer.

Cirtek is a major global technology firm and electronics manufacturer. It is the holding company of Cirtek Electronics Corp. and Cirtek Electronics International Corp.

Through its subsidiaries, the company designs, produces and delivers station antenna systems for wireless communication. It also manufactures solutions for value-added, highly integrated radio frequency, microwave and millimeterwave technology products, and provides full service/turnkey solutions including wafer probing, wafer back grinding, assembly, packaging and final testing of semiconductor devices.

The company’s products cover a wide range of applications and industries, including communications, consumer electronics, power devices, computing, automotive and industrial.

  • Oct 27, 2021

    Cirtek aims to raise ₧3.5B from preferred shares offer

    Published by Business Mirror

    The Securities and Exchange Commission (SEC) has approved Cirtek Holdings Philippines Corp.’s public offering of up to P3.5 billion worth of preferred shares.

    In its en banc meeting, the agency approved 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 Laguna-based manufacturer expects to net P3.44 ...

    Read more
  • Oct 27, 2021

    Jerry Liu gets SEC’s nod to proceed with Cirtek’s preferred share offer

    Published by Bilyonaryo

    The Securities and Exchange Commission (SEC) has approved the plan of Jerry Liu-led Cirtek Holdings Philippines Corp. to raise up to P3.5 billion from the sale of preferred shares.

    Cirtek is selling up to 70 million preferred shares at P50 per share.

    Net proceeds from the offering, amounting to P3.44 billion, will be used to refinance debt, pay down maturing obligations and support capital expenditure requirements.

    The offering will start on November 25 and will run until December 3, in time for the listing of the preferred shares on the Philippine Stock Exchange on Dec...

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  • Dec 02, 2021

    Cirtek undertakes P2.5 B preferred share offering

    Published by Manila Bulletin

    Cirtek Holdings Philippines Corporation (TECH) has set the size of its ongoing public offering of its preferred shares to a maximum of P2.5 billion.

    The firm said in a disclosure to the Philippine Stock Exchange that it has started the primary offering of up to 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares at an offer price of P50.00 per share.

    The final offer structure consists of P1.5 billion in aggregate issue value, consisting of up to 30 million Preferred Class B-2 Sha...

    Read more