CIRTEK Holdings Philippines Corp. received the approval of The Philippine Stock Exchange, Inc. (PSE) for its stock rights offering with bonus detachable warrants.
The company said in regulatory filing on Wednesday that shareholders eligible to participate in the stock rights offering should pass the requisite documents and participate during the offer period scheduled on July 12 to July 22.
Listing for both the rights shares and the bonus detachable warrants are tentatively scheduled for Aug. 16, while the ex-rights date and record date will be on July 2 and July 7, respectively.
Further, the company announced that investors who hold common shares of Cirtek before the ex-rights date will be entitled to subscribe to additional common shares, known as entitlement rights, at a price of P5.50.
“The Entitlement Rights shall be subject to the approval of the Securities and Exchange Commission (SEC) of Cirtek’s application for increase in authorized capital stock. For every one Entitlement Right subscribed to, one bonus detachable warrant shall be issued free of charge to the investor and shall be issued as part of the subscription to the Entitlement Rights,” Cirtek said.
“Each bonus detachable warrant entitles the investor the right to subscribe to one underlying common share of Cirtek beginning on the 12th month until the 36th month from issue date at an exercise price of P5.50. The bonus detachable warrants shall be exercisable during business hours within the first two trading days of each month,” it added.
According to Cirtek, an investor will be entitled to one entitlement right for every 1.68 common shares held.
“Correspondingly, for every one Entitlement Right subscribed to, the investor will be issued one bonus detachable warrant with one underlying common share of Cirtek to be issued upon exercise of the bonus detachable warrant,” the company said.
On June 25, Cirtek announced the final offer price of its rights share at P5.50 and the final exercise price of its bonus detachable warrants also at P5.50.
“[The company] intends to list 249,442,472 common shares and 249,442,472 Bonus Detachable Warrants with 249,442,472 underlying common shares,” Cirtek said.
“Cirtek expects to raise gross proceeds of P1,371,933,596 from the stock rights offering of 249,442,472 Entitlement Rights. Net proceeds will be used to primarily finance the working capital of Quintel USA, Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc., as well as to refinance the existing debt and pay out short-term obligations of Cirtek Electronics Corp.,” it added.
On Wednesday, shares of Cirtek at the stock exchange improved 0.98% or six centavos to end at P6.18 per share. — Revin Mikhael D. Ochave
Jul 05, 2021
When Brian Liu stepped up to the role of CFO at electrical component manufacturer Cirtek Holdings Philippines Corporation in the middle of 2020, the world was undergoing intense upheaval as the maelstrom of the COVID-19 pandemic swirled.
Lockdowns, and production and logistical issues became commonplace around the world. So how did he tackle this huge new opportunity amid such turbulent times? The promotion from his former position as Executive Vice President at Cirtek Electronics, a Cirtek subsidiary, came as something of a surprise, Brian tells The CEO Magazine.
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Published by Business Mirror
The Securities and Exchange Commission (SEC) has approved Cirtek Holdings Philippines Corp.’s public offering of up to P3.5 billion worth of preferred shares.
In its en banc meeting, the agency approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at an offer price of P50 per preferred share, with an oversubscription option of up to 20 million preferred shares.
The preferred shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).
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Published by Manila Standard
Cirtek Holdings Philippines Corp. said two of its subsidiaries secured ISO certifications.
CHP said in a disclosure to the stock exchange Cirtek Electronics Corp. and Cirtek Advanced Technology Solutions Inc. passed their ISO 14000 audits with zero non-conformance.
“Considering the stringent requirements of an ISO 14000 certificate, the company considers this a victorious achievement,” CHP said
CHP said passing and securing an ISO 14000 standard provides assurance that a company has effectively established and maintains adequate environmental standards and manageme...
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