Cirtek aims to raise ₧3.5B from preferred shares offer

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 billion from the offer, assuming the oversubscription option is exercised.

Proceeds will be used for the refinancing of Cirtek’s existing debt, partial payment of maturing debt, capital expenditures, purchase equipment, as well as for the working capital of its subsidiaries.

The offer will run from November 25 to December 3, in time for the listing of the preferred shares on the PSE on December 10, based on the latest timetable submitted to the SEC.

Cirtek engaged PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner for the offer.

The company has been raising funds this year to retire its obligations and fund its expansion.

In August, it completed its stock rights offer, raising some P1.37 billion, proceeds of which will be used to partially retire its short-term obligations and refinance the working capital of its subsidiaries Quintel USA, Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.

Cirtek in May also raised some P1 billion worth of commercial papers. The company said the offering was oversubscribed by four times.

The said paper, which was part of its P6-billion debt program, was listed for trading at the Philippine Dealing and Exchange Corp.

Cirtek posted a net income growth of 60 percent to $7.98 million (about P399 million) in the first half from last year’s $4.98 million (P249 million). For the quarter ending June, its income grew 69 percent to $4.36 million (P218 million) from last year’s $2.57 million (P128 million).

  • May 12, 2020

    Press Release  -  May 12, 2020

    Press Release - May 12, 2020

    Cirtek Holdings Philippines Corp., through its wholly owned subsidiary, Quintel USA, Inc.

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  • Dec 02, 2021

    Cirtek secures SEC nod on P2.5-b share offering

    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 ...

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  • Jul 05, 2021

    Cirtek receives PSE nod for stock rights offer, warrants

    Business World

    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...

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