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

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 will be used to refinance debt and support working capital of subsidiaries. Cirtek said it was planning to spend P875 million to refinance debt from various banks and P500 to partially repay maturing preferred shares. The remaining amount will be set aside for the capital spending requirement of US-based unit Quintel and other subsidiaries. The offering will run from Nov. 25 to Dec. 3, in time for the listing of the preferred shares on the PSE on Dec. 10 based on the latest timetable submitted to the SEC. Cirtek tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole bookrunner for the offering.

Cirtek is a fully-integrated global technology company engaged in high- technology product development and focused on 5G wireless communication. The company is bullish on the semiconductor industry as the global market is expected to show a double-digit growth of 10.9 percent in 2021 to $488 billion. It is also positive about the antenna business as the market, valued at $ 18.57 billion in 2018, is expected to reach a value of $27.7 billion by 2024, based on a study by Prime Feed. The share price of Cirtek rose 1.4 percent Wednesday to close at P4.37.

  • Dec 02, 2021

    Cirtek undertakes P2.5 B preferred share offering

    Published by Manila Bulletin

    Cirtek Holdings Philippines Corporation (TECH) has set the size of its ongoing public offering of its preferred shares to a maximum of P2.5 billion.

    The firm said in a disclosure to the Philippine Stock Exchange that it has started the primary offering of up to 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares at an offer price of P50.00 per share.

    The final offer structure consists of P1.5 billion in aggregate issue value, consisting of up to 30 million Preferred Class B-2 Sha...

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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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  • Dec 03, 2021

    Cirtek wrapping up P2.5-B perpetual preferred shares offer

    Published by Inquirer.net

    Electronics manufacturer Cirtek Holdings Philippines Corp. is set to conclude today, Dec. 3, the public offering of as much as P2.5 billion worth of perpetual preferred shares, proceeds from which will be used to refinance debt and fund the expansion of key subsidiaries.

    Cirtek’s preferred shares have two series: one with a synthetic maturity of three years carrying an interest rate of 6.5864 percent per annum, and another with a synthetic maturity of five years carrying an interest rate of 7.7506 percent per annum.

    Higher divident rate The synthetic maturity means th...

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