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).

  • Aug 16, 2021

    Cirtek Holdings raises P1.37 billion from stock rights offer

    Published by Manila Standard

    Semiconductor manufacturer Cirtek Holdings Philippines Corp. said Monday it raised P1.37 billion from its stock rights offering. Cirtek said in a disclosure to the stock exchange it listed 249.442 million common shares sold by way of rights offering at P5.50 per share. Shareholders as of July 1 were entitled to purchase 1 share for every 1.68 common shares owned. The shares came with 249.442 million bonus detachable warrants that will be issued free of charge to the investors and as part of the subscription to the entitlement rights. Each bonus detachable warrant e...

    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...

    Read more
  • 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