Cirtek secures permit to sell

Dec 03, 2021

Cirtek secures permit to sell

Published by The Manila Times

LISTED Cirtek Holdings Philippines Corp. on Thursday said it received its permit to sell and order of registration of securities from the Securities and Exchange Commission for its preferred shares offering.

In a disclosure to the exchange, the company said it is set to offer up to 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares with a par value of P1 each priced at P50 apiece.

The shares will be issued as Preferred Class B-2 Subseries C or D Shares.

Cirtek expects to raise up to P2.44 billion from the offer, should the oversubscription option be fully exercised.

Proceeds will be used to fund Cirtek's additional capital expenditure and equipment, partially repay maturing Preferred Class B2-A shares and maturing loans and for the working capital of its subsidiaries, Quintel USA, Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc.

The offer period will run until December 3, while listing on the stock exchange is scheduled on December 14.

PNB Capital serves as the sole issue manager, lead underwriter and sole bookrunner of the transaction.

Shares of Cirtek climbed 10 centavos or 2.63 percent to close at P3.90 apiece on Thursday.

  • Aug 16, 2021

    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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  • Dec 02, 2021

    SEC allows Cirtek to sell ₧2.5B in preferred shares

    Published by Business Mirror

    Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.

    The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.

    The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.

    Cirtek has been allowed to offer up to 70 million shares, or proceeds ...

    Read more
  • Jan 13, 2021

    Cirtek retains PRS A rating

    Cirtek retains PRS A rating

    PhilRatings said the rating and outlook were assigned to Cirtek given the firm’s manageable liquidity

    Read more