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.
Jul 05, 2021
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...Read more
Oct 28, 2021
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...Read more
Jan 12, 2021
CIRTEK ELECTRONICS Corp. plans to increase local production by 20% as it partners with major customers to provide parts for consumer electronics and electric charger products.Read more