Cirtek secures SEC nod on P2.5-b share offering

Dec 02, 2021

Cirtek secures SEC nod on P2.5-b share offering

Published by Manila Standard

Cirtek Holdings Philippines Corp. said Thursday it obtained the approval of the Securities and Exchange Commission to issue P2.5-billion worth of preferred shares. Cirtek said in a disclosure to the stock exchange it would offer 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable preferred shares at P50 apiece. Cirtek will issue the preferred shares in two series, including Class B-2 Subseries C shares with a dividend rate of 6.5864 percent per annum, and Class B-2 Subseries D shares with a dividend rate of 7.7506 percent per annum. The offering period will run until Dec. 3. Cirtek plans to list the preferred shares with the Philippine Stock Exchange on Dec. 14. The preferred shares are perpetual, but they have a synthetic maturity of three and five years from the listing date. Cirtek said the net proceeds would be used to finance the additional capital expenditure/equipment, partial payment of maturing Preferred Class B2-A shares and maturing loans and working capital of subsidiaries Quintel USA Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.

“With the success of the offering, Cirtek will continue to maintain its roadmap to achieve key engagement in the 5G market and will continue in developing and delivering innovative high-quality products, production flexibility, supply chain stability, and capability to work with customers on development of next generation products,” the company said. The company tapped PNB Capital and Investment Corp. as the sole issue manager, lead underwriter and sole book runner for the offering. Cirtek is a fully-integrated global technology company engaged in high-technology product development and focused on 5G wireless communication. Share price of Cirtek rose 2.6 percent Thursday to P3.90.

  • Oct 27, 2021

    Jerry Liu gets SEC’s nod to proceed with Cirtek’s preferred share offer

    Published by Bilyonaryo

    The Securities and Exchange Commission (SEC) has approved the plan of Jerry Liu-led Cirtek Holdings Philippines Corp. to raise up to P3.5 billion from the sale of preferred shares.

    Cirtek is selling up to 70 million preferred shares at P50 per share.

    Net proceeds from the offering, amounting to P3.44 billion, will be used to refinance debt, pay down maturing obligations and support capital expenditure requirements.

    The offering will start on November 25 and will run until December 3, in time for the listing of the preferred shares on the Philippine Stock Exchange on Dec...

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  • Sep 16, 2020

    Cirtek subsidiary bags telco contract for 5G in US

    Cirtek subsidiary bags telco contract for 5G in US

    A SUBSIDIARY of Cirtek Holdings Philippines Corp. has been awarded a contract to provide antenna to a telecommunications operator in the United States for fifth generation (5G) network rollout.

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  • Jan 13, 2021

    Cirtek debt paper gets high rating

    Cirtek debt paper gets high rating

    Laguna-based Cirtek Holdings Philippines Corp. (CHPC) has secured a high rating from a local credit

    Read more