Cirtek to raise P2.5B

Dec 03, 2021

Cirtek to raise P2.5B

Published by Malaya

Cirtek Holdings Philippines Corp. expects to raise P2.5 billion from its ongoing preferred share sale.

It was earlier looking at a P3.5 billion fund raising.

The company said it is now selling 50 million of its preferred shares at an offer price of P50 apiece from an earlier 70 million, divided into an initial 30 million and another 20 million covering the oversubscription option.

The preferred shares that will have a series of TCB2C for the Preferred Class B-2 Subseries C and CB2D for the Preferred Class B-2 Subseries D will have a dividend rate of 6.5864 percent for TCB2C and 7.7506 percent for the TCB2D.

Cirtek said it will use the proceeds to primarily finance the additional capital expenditure/equipment, partial payments of maturing Preferred Class B2-A shares and maturing loans and working capital of Quintel USA Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc.

  • Jan 13, 2021

    Cirtek receives PRS A grade from PhilRatings

    Cirtek receives PRS A grade from PhilRatings

    CIRTEK Holdings Philippines Corp. has been assigned a PRS A mark by local debt watcher Philippine Rating Services Corp.

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  • Jan 13, 2021

    Cirtek gets ‘PRS A’ rating on proposed P2-b fund-raising

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  • Aug 17, 2021

    Holdings firm raises P1.4B thru SRO

    Published by Malaya

    Cirtek Holdings Philippines Corp. said it has successfully raised P1.37 billion in funding through a stock rights offer (SRO) where existing shareholders subscribed to 249.44 million shares at P5.50 per share.

    The SRO entitled a shareholder to buy one share from the pool of shares made available for every 1.68 Cirtek shares it owns. The company also included in the share sale one detachable warrant for each shares bought, which its holder can use to buy additional Cirtek shares at a price of P5.50, starting on the 12th month after the stock rights offer and until the 36th m...

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