Cirtek wrapping up P2.5-B perpetual preferred shares offer

Dec 03, 2021

Cirtek wrapping up P2.5-B perpetual preferred shares offer

Published by Inquirer.net

Electronics manufacturer Cirtek Holdings Philippines Corp. is set to conclude today, Dec. 3, the public offering of as much as P2.5 billion worth of perpetual preferred shares, proceeds from which will be used to refinance debt and fund the expansion of key subsidiaries.

Cirtek’s preferred shares have two series: one with a synthetic maturity of three years carrying an interest rate of 6.5864 percent per annum, and another with a synthetic maturity of five years carrying an interest rate of 7.7506 percent per annum.

Higher divident rate The synthetic maturity means that while the preferred shares have perpetual tenor, if Cirtek does not redeem the securities within a certain period—in this case, the third and fifth year, respectively—it will have to pay a higher dividend rate.

The base offer size is P1.5 billion consisting of up to 30 million preferred shares. Investors will pay P50 apiece.

In the event of oversubscription, the sole issue manager, lead underwriter and sole book runner, PNB Capital & Investment Corp. will have the right to upsize the offering by 20 million shares.

The preferred shares are targeted to be listed on the Philippine Stock Exchange on Dec. 14.

Net proceeds will be used to finance the additional capital expenditure, equipment and working capital and partial payment for the maturing preferred shares and debt of subsidiaries Quintel USA Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions Inc.

—DORIS DUMLAO-ABADILLA

  • 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 ...

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  • Jul 14, 2021

    Cirtek unit extends telco presence in U.S.

    Published By Maria Romero Daily Tribune

    Quintel USA Inc., the United States-based unit of Philippine Stock Exchange-listed firm Cirtek Holdings Philippines Corp., has extended a master supply agreement with two telecommunication companies in North America.

    In a disclosure, Cirtek said the agreement between Quintel USA and two unnamed carriers provides for a business extension of another five years.

    “This comes at a time following a series of new product introductions released by Quintel when fifth-generation (5G) is at an inflection point,” Cirtek said.

    It added, “Quintel’s 5G products are pre...

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  • Jul 14, 2021

    Cirtek's Quintel extends supply deal with American telcos

    Published by James A. Loyola Manila Bulletin

    Quintel USA, Inc., the Telecom Base Station Antenna unit under of Cirtek Holdings Philippines Corporation has extended its Master Supply Agreement with two major leading carriers in North America.

    In a disclosure to the Philippine Stock Exchange, Cirtek said “This extension allows Quintel another five years of secured business with these two telcos.”

    It added that, “This comes at a time following a series of new product introductions released by Quintel when 5G is at an inflection point.”

    Quintel’s 5G products are precisely designed with the custome...

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