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.

  • Jul 14, 2021

    Cirtek unit’s supply deal with 2 telcos extended

    Published By Revin Mikhael D. Ochave Business World

    A UNIT of technology company Cirtek Holdings Philippines Corp. has extended a master supply agreement with two telecommunication companies in North America.

    Cirtek said in a regulatory filing on Monday that the agreement between its telecom base station antenna unit Quintel USA, Inc. and two unnamed carriers provides for a business extension of another five years.

    “This comes at a time following a series of new product introductions released by Quintel when fifth generation (5G) is at an inflection point,” Cirtek said.

    “Quintel’s 5G products ...

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  • Sep 16, 2020

    Cirtek unit bags contract for US telco’s 5G expansion

    Cirtek unit bags contract for US telco’s 5G expansion

    Quintel USA, Inc., a wholly owned subsidiary of Cirtek Holdings Philippines Corporation, has signed a Master Purchase Agreement

    Read more
  • Jan 12, 2021

    Citek assigned ´PRS A (corp.)´ issuer credit rating

    Citek assigned ´PRS A (corp.)´ issuer credit rating

    Cirtek Holdings Philippines Corp. has been assigned an above average capability to fulfill financial obligations by a local debt watcher.

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