Manila Standard by Jenniffer B. Austria
Cirtek Holdings Philippines Corp. said Wednesday it received a credit rating of PRS A (corp.) with a stable outlook from Philippine Rating Services Corp. on its planned fund-raising.
The rating was issued in relation to CHPC’s three-year shelf registration of commercial paper for up to P2 billion.
A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates. The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates.
A stable outlook means the “rating is likely to be maintained or to remain unchanged in the next twelve months.
”Philratings considered the CHPC’s manageable liquidity and capitalization levels as well as Cirtek group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises and industry challenges.
Philratings also noted CHPC’s strong customer base of well-established and global companies, improved profit margins despite lower revenues, attributable to the company’s cost management efforts.
CHPC is a fully-integrated global technology company focused on wireless communication. It is an independent, complete solutions provider for subcontract manufacturing of semiconductor devices and provides a broad range of assembly and testing services for various product applications and industries.
The company was able grow its operations amid a highly competitive and cyclical industry with larger international players.
CHPC’s consolidated revenues fell 14.4 percent in the first nine months of 2020 to $59.5 million from a year ago, pulled down by the 30-percent decrease in CHPC’s US-based subsidiary Quintel’s revenue contribution to $16.5 million.
The company, however, managed to reduce cost of sales at a faster rate of 18.2 percent to $44.4 million.
Nine-month net income slightly declined 1.7 percent to $3.6 million, while net profit margin increased by 5.3 percent to 6.1 percent from 5.3 percent in the same period a year ago.
Dec 02, 2021
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.
The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.
The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.
Cirtek has been allowed to offer up to 70 million shares, or proceeds ...Read more
Aug 16, 2021
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
Dec 03, 2021
Published by Malaya
Cirtek Holdings Philippines Corp. expects to raise P2.5 billion from its ongoing preferred share sale.
It was earlier looking at a P3.5 billion fund raising.
The company said it is now selling 50 million of its preferred shares at an offer price of P50 apiece from an earlier 70 million, divided into an initial 30 million and another 20 million covering the oversubscription option.
The preferred shares that will have a series of TCB2C for the Preferred Class B-2 Subseries C and CB2D for the Preferred Class B-2 Subseries D will have a dividend rate of 6.5864 percent for TCB2C...Read more