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.

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    Cirtek raises P1.37-B to finance debt, support units

    Published by Daily Tribune

    Cirtek Holdings Philippines Corporation (TECH) has raised P1.37 billion from the stock price offering of 249 million shares on Monday.

    The company intends to use the proceeds from the offer to partially retire its short-term obligations and refinance the working capital of its subsidiaries, Quintel USA, Cirtek Electronics Corp. (CEC), and Cirtek Advanced Technologies and Solutions, Inc. (CATSI).

    “I understand that Cirtek is eyeing new markets that would expand the product portfolio of its subsidiaries. With these activities, Cirtek’s units are well-positioned to bene...

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