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.

  • May 12, 2020

    Press Release  -  May 12, 2020

    Press Release - May 12, 2020

    Cirtek Holdings Philippines Corp., through its wholly owned subsidiary, Quintel USA, Inc.

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  • Jul 14, 2021

    Cirtek US unit extends supply deal with telcos

    Published By VG CABUAG BusinessMirror

    Quintel USA Inc., a unit of Laguna-based Cirtek Holdings Philippines Corp., on Monday said it has extended its master supply agreement with two major leading carriers in North America.

    The extension of the agreement allows Quintel another 5 years of secured business with these two telcos, the firm said.

    “Quintel is poised to grow its business in the near to medium term as evidenced by the relevance of its pioneering products that has been well received by our customers. Our products allow carriers to stay ahead of their game and maximize 5G services in the...

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  • Oct 29, 2021

    SEC approves Cirtek’s preferred share issue

    Published by Philstar

    MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the public offering by Cirtek Holdings Philippines Corp. of up to P3.5 billion worth of preferred shares.

    In a meeting on Oct. 26, the SEC approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at a price of P50 per share, with an oversubscription option of up to 20 million preferred shares.

    The listed tech manufacturer expects to net P3.44 billion from the offer, assuming the oversubscription option is fully exercised, proceeds of which will ...

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