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 benefit from the upbeat prospects in the semiconductor and the antenna spaces,” PSE President and CEO Ramon S. Monzon said.

Cirtek’s SRO provided shareholders with bonus detachable warrants. The said warrants were also listed at the PSE under the stock symbol TECHW.

Abacus Capital and Investment Corporation and PNB Capital acted as Joint Issue Managers and Lead Underwriters.

Founded in 2007, TECH is a leading cellular antenna equipment provider is the first to market the multi-frequency band, multi-port antenna technology and caters to the top two mobile network operators in the USA.