Published by Daily Tribune
The Securities and Exchange Commission (SEC) has issued Cirtek Holdings Philippines Corporation (TECH) a permit to sell and order of registration of securities for the primary offering of up to 50 million Preferred Class B-2 Shares.
In a disclosure on Thursday, TECH said the cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares has a par value of P1.00 per share at an offer price of P50 per share to be issued as Preferred Class B-2 Subseries C or D Shares.
The preferred shares are targeted to be listed on the Philippine Stock Exchange on 14 December.
Time-bound debt papers Although the preferred shares are perpetual, they have a synthetic maturity of three and five years from the listing date.
If TECH does not redeem the Subseries C or Subseries D preferred shares on the third and fifth year, respectively, the company will have to pay a higher dividend rate.
The final structure of the Offer is to offer for sale or subscription of P1.5 billion in aggregate issue value, consisting of up to 30 million Preferred Class B-2 Shares, composed of Preferred Class B-2 Subseries C and/or D Shares.
“TECH expects to raise gross proceeds from the primary offering of Preferred B-2 Shares, to be issued as either Subseries “C” and/or “D”, from the offer price of P50 per preferred B-2 share will be approximately P1,456.6 million,” the company said.
Jul 05, 2021
By Maria Romero Tribune PH
Laguna-based Cirtek Holding Philippines Corporation has secured approval from the Philippine Stock Exchange (PSE) for its stock rights offer (SRO) with bonus detachable warrants.
In a regulatory filing on Wednesday, Cirtek said it has also set its final offer price at P5.50 per Entitlement Right and final Exercise Price at P5.50 for the bonus detachable warrants.
The company intends to list 249 million common shares or right shares and another 249 million bonus detachable warrants with 249 million underlying common shares.
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