Cirtek Holdings raises P1.37 billion from stock rights offer

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 entitles the investor the right to subscribe to one underlying common share of Cirtek beginning on the 12th month until the 36th month from issue date at an exercise price of P5.50 apiece. Cirtek said it would use the proceeds from the fundraising exercise to partially retire short-term obligations and refinance working capital of subsidiaries Quintel USA, Cirtek Electronics Corp., and Cirtek Advanced Technologies and Solutions Inc. Quintel USA designs, develops, and delivers advanced high-efficiency, high-performance antenna products and solutions that help mobile network operators increase efficiency, enhance quality-of-service, slash costs and accelerate returns.

Cirtek earlier said it remained interested in listing Quintel in US stock exchange Nasdaq. “The company would like to clarify that the management continues to contemplate the possibility of pursuing an initial public offering of Quintel in the US. However, this is still under consideration as the company is on the constant lookout to further grow Quintel’s business,” Cirtek said. Cirtek said that there is no timetable yet for the planned listing. “While this remains part of the long-term vision, the company is continuously working on riding the recovery wave and is at the forefront having successfully won extension of supply contracts to the top 1 and top 2 ranking carriers in the world for the supply of its 5G new products at a time when the US is at an inflection point for 5G network upgrade transition,” the company said.

  • Jan 12, 2021

    Cirtek to hike output of factories

    Cirtek to hike output of factories

    Laguna-based Cirtek Holdings Philippines Corp. on Monday said it will scale up the output of its semiconductor plants

    Read more
  • Jul 02, 2021

    PSE approves Cirtek’s P1.37-b rights offering

    By Jenniffer B. Austria Manila Standard

    Cirtek Holdings Philippines Corp. obtained the approval of Philippine Stock Exchange Inc. on its planned P1.37-billion stock rights offering with bonus detachable warrants.

    Cirtek said in a disclosure to the stock exchange it set the final price of the rights offering at P5.50 and the final exercise price for the bonus detachable warrants at P5.50.

    The company plans to issue and list 249.44 million rights shares and another 249.44 million bonus detachable warrants with 249.44 million underlying common shares.

    Investors who hold common shares of Cirtek as...

    Read more
  • Oct 27, 2021

    Cirtek Holdings receives SEC’s nod to sell P3.5-b preferred shares

    Published by Manila Standard

    The Securities and Exchange Commission said Wednesday it approved the P3.5-billion preferred shares offering of semiconductor manufacturer Cirtek Holdings Philippines Corp. Cirtek was allowed to register and offer up to 50 million preferred shares at a price of P50 apiece, with an oversubscription option for another 20 million preferred shares. The company has yet to set the dividend rate for the preferred shares. The preferred shares will be listed and traded on the main board of the Philippine Stock Exchange. Cirtek will use the net proceeds from the offering wil...

    Read more