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.
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Published by Daily Tribune
Cirtek Holdings Philippines Corporation (TECH) has raised P1.37 billion from the stock price offering of 249 million shares on Monday.
The company intends to use the proceeds from the offer to partially retire its short-term obligations and refinance the working capital of its subsidiaries, Quintel USA, Cirtek Electronics Corp. (CEC), and Cirtek Advanced Technologies and Solutions, Inc. (CATSI).
“I understand that Cirtek is eyeing new markets that would expand the product portfolio of its subsidiaries. With these activities, Cirtek’s units are well-positioned to bene...Read more
Jan 17, 2021
MANILA, Philippines — Cirtek Electronics Corp will scale up its production and improve revenuesRead more