Published by Manila Bulletin
Cirtek Holdings Philippines Corporation (TECH) has set the size of its ongoing public offering of its preferred shares to a maximum of P2.5 billion.
The firm said in a disclosure to the Philippine Stock Exchange that it has started the primary offering of up to 50 million cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares at an offer price of P50.00 per share.
The final offer structure consists of P1.5 billion in aggregate issue value, consisting of up to 30 million Preferred Class B-2 Shares.
In the event of oversubscription, PNB Capital and Investment Corporation, the Sole Issue Manager, Lead Underwriter and Sole Bookrunner, in consultation with the Corporation, has the right to offer up to an additional 20 million Preferred Class B-2 Shares.
The offer period will run until December 03, 2021. The preferred shares are targeted to be listed in the Philippine Stock Exchange (PSE) on December 14,2021.
Although the preferred shares are perpetual, they have a synthetic maturity of three and five years from the listing date.
If TECH does not redeem the Subseries C or Subseries D preferred shares on the third and fifth year, respectively, the company will have to pay a higher dividend rate.
The initial dividend rate of the Preferred Class B-2 Subseries C shares has been set at 6.5864 percent per annum while that of the Preferred Class B-2 Subseries D shares has been set at 7.7506 percent per annum.
TECH expects to raise gross proceeds from the primary offering at P1.46 billion. Assuming that all the Oversubscription Option are fully exercised total gross proceeds will reach about P2.44 billion.
Net proceeds will be used to primarily finance the additional capital expenditure/equipment, partial payments of maturing Preferred Class B2-A shares and maturing loans and working capital of 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.
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Published by Daily Tribune
The Securities and Exchange Commission (SEC) has issued Cirtek Holdings Philippines Corporation (TECH) a permit to sell and order of registration of securities for the primary offering of up to 50 million Preferred Class B-2 Shares.
In a disclosure on Thursday, TECH said the cumulative, non-participating, non-voting, non-convertible perpetual and redeemable peso-denominated Preferred Class B-2 Shares has a par value of P1.00 per share at an offer price of P50 per share to be issued as Preferred Class B-2 Subseries C or D Shares.
The preferred shares are targeted to b...Read more