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).
Jul 05, 2021
By Faye Almazan The Manila Times
Listed Cirtek Holdings Philippines Corp. on Wednesday said the Philippine Stock Exchange Inc. (PSE) has approved its stock rights offering (SRO) with bonus detachable warrants.
In a disclosure to the exchange, the company said the PSE approved its listing application last June 23.
Cirtek intends to list 249.44 million common shares and 249.44 million Bonus Detachable Warrants, with 249.44 million underlying common shares.
The firm said it has set the final offer price of its SRO at P5.50 and the final exercise price of its bonus detachable warrants also at P5.5...
Read moreJul 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 moreJul 14, 2021
Published by James A. Loyola Manila Bulletin
Quintel USA, Inc., the Telecom Base Station Antenna unit under of Cirtek Holdings Philippines Corporation has extended its Master Supply Agreement with two major leading carriers in North America.
In a disclosure to the Philippine Stock Exchange, Cirtek said “This extension allows Quintel another five years of secured business with these two telcos.”
It added that, “This comes at a time following a series of new product introductions released by Quintel when 5G is at an inflection point.”
Quintel’s 5G products are precisely designed with the custome...
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