Cirtek new shares offer gets SEC nod

Published by Manila Times

THE Securities and Exchange Commission (SEC) has cleared the P3.5-billion preferred shares offering of tech manufacturer, Cirtek Holdings Philippines Corp.

The commission on Wednesday said it has approved Cirtek's registration statement in its meeting on October 26.

The registration statement covers 50 million preferred B-2 Subseries C and D shares priced at P50 apiece, with an oversubscription option of up to 20 million shares.

Cirtek looks to raise up to P3.44 billion from the offer, which will refinance the company's existing debt, partially pay its maturing debt and fund its capital expenditures and equipment and the working capital of its subsidiaries.

According to the SEC, Cirtek's offer period will run from November 25 to December 3, while listing on the main board of the stock exchange is eyed on December 10.

PSE OKs Medilines first IPO PNB Capital and Investment Corp. was assigned as the sole issue manager, lead underwriter and sole bookrunner for the transaction.

Cirtek's net income rose by 60 percent to $8 million in the first six months of the year from $5 million in the same period last year.

Shares of Cirtek were up 6 centavos or 1.39 percent to close at P4.37 each on Wednesday.