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 28, 2021

    Cirtek new shares offer gets SEC nod

    Published by Manila Times

    THE Securities and Exchange Commission (SEC) has cleared the P3.5-billion preferred shares offering of tech manufacturer, Cirtek Holdings Philippines Corp.

    The commission on Wednesday said it has approved Cirtek's registration statement in its meeting on October 26.

    The registration statement covers 50 million preferred B-2 Subseries C and D shares priced at P50 apiece, with an oversubscription option of up to 20 million shares.

    Cirtek looks to raise up to P3.44 billion from the offer, which will refinance the company's existing debt, partially pay its maturing debt a...

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  • Jul 05, 2021

    Cirtek to push stock rights offer

    By Faye Almazan The Manila Times

    Listed Cirtek Holdings Philippines Corp. on Wednesday said the Philippine Stock Exchange Inc. (PSE) has approved its stock rights offering (SRO) with bonus detachable warrants.

    In a disclosure to the exchange, the company said the PSE approved its listing application last June 23.

    Cirtek intends to list 249.44 million common shares and 249.44 million Bonus Detachable Warrants, with 249.44 million underlying common shares.

    The firm said it has set the final offer price of its SRO at P5.50 and the final exercise price of its bonus detachable warrants also at P5.5...

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