By Maria Romero Tribune PH
Laguna-based Cirtek Holding Philippines Corporation has secured approval from the Philippine Stock Exchange (PSE) for its stock rights offer (SRO) with bonus detachable warrants.
In a regulatory filing on Wednesday, Cirtek said it has also set its final offer price at P5.50 per Entitlement Right and final Exercise Price at P5.50 for the bonus detachable warrants.
The company intends to list 249 million common shares or right shares and another 249 million bonus detachable warrants with 249 million underlying common shares.
Investors who hold common shares of the company before the Ex-Rights Date on 2 July are allowed to subscribe to additional common shares or entitled rights of the company at a discounted price of P5.50.
Cirtek expects to raise gross proceeds of P1.3 billion from the SRO of 249 million entitlement rights.
Net proceeds will be used to primarily finance the working capital of Quintel USA, Inc., Cirtek Electronics Corp., and Cirtek Advanced Technologies and Solutions, Inc., as well as to refinance the existing debt/payout short-term obligations of Cirtek Electronics Corp.
Sep 15, 2020
The US unit of Laguna-based Cirtek Holdings Philippines Corp. on Tuesday said it bagged a deal for a master purchase agreement with one of the top 5 wireless carriers in North America.
Read moreAug 16, 2021
Publishehd by Rappler
WHAT YOU NEED TO KNOW
Buy, sell, or hold? Who are the top gainers? How about the biggest losers? Are the bulls winning over the bears? Which company is going public next?
Bookmark and refresh this page for the latest news and analysis on stock market movers, corporate and financial news, business deals, and the economy in the Philippines.
LATEST UPDATES
Peso-dollar exchange rate - August 19, 2021 RAPPLER.COM
Most active stocks and PSEi closing - August 19, 2021 RAPPLER.COM
Bangko Sentral to accept digital bank applicants only until August 31
The Bangko Sentral ng Pilipina...
Read moreJan 13, 2021
CIRTEK Holdings Philippines Corp. has been given a PRS A mark by local debt monitor Philippine Rating Services Corp
Read more