by James A. Loyola Manila Bulletin
The Philippine Stock Exchange has approved Cirtek Holdings Philippines Corporation’s planned stock rights offering with bonus detachable warrants that will raise a total of P2.74 billion.
Cirtek has set the final offer price at P5.50 per entitlement right and final exercise price at P 5.50 for the bonus detachable warrants.
The rights offer covers 249.44 million common shares and 249.44 million bonus detachable warrants with 249.44 million underlying common shares.
Investors who hold Cirtek common shares prior to the ex-rights date (July 02, 2021) will be entitled to subscribe to additional common shares (entitlement rights) of the company at a discounted price of P5.50 each.
The entitlement rights shall be subject to the approval of the Securities and Exchange Commission of Cirtek’s application for increase in authorized capital stock.
For every one entitlement right subscribed to, one bonus detachable warrant shall be issued free of charge to the investor and shall be issued as part of the subscription to the entitlement rights.
Each bonus detachable warrant entitles the investor the right to subscribe to one underlying common share of Cirtek beginning on the 12th month until the 36th month from issue date at an exercise price of P5.50.
Specifically, for every 1.68 common shares held, the investor will be entitled to one entitlement right. Correspondingly, for every one entitlement right subscribed to, the investor will be issued one bonus detachable warrant with one underlying common share of Cirtek to be issued upon exercise of the warrant.
Shareholders deemed eligible to participate in the SRO must submit the requisite documents and participate in the offer during the offer period of July 12 to 22, 2021, with listing for both the rights shares and the warrants tentatively set for August 16, 2021.
The Ex-Rights Date and Record Date shall be on July 02, 2021 and July 07, 2021, respectively.
Cirtek expects to raise gross proceeds of P1.37 billion from the SRO. Net proceeds will be used to primarily finance the working capital of Quintel USA, Inc., Cirtek Electronics Corp. and Cirtek Advanced Technologies and Solutions, Inc., as well as to refinance the existing debt/payout short-term obligations of Cirtek Electronics Corp.
Abacus Capital and Investment Corp. and PNB Capital and Investment Corp will serve as the Joint Issue Managers and Lead Underwriters for the SRO with Bonus Detachable Warrants.
Philippine National Bank – Trust Banking Group is the Receiving and Escrow Agent, and BDO Unibank, Inc. – Trust Banking Group is the Stock Transfer Agent and Warrants Registrar.
Jan 12, 2021
Cirtek Electronics Corp. will scale-up its production by 20 percent this year resulting to improved revenues.Read more
Mar 10, 2022
Published by Business Mirror
Laguna-based Cirtek Holdings Philippines Corp. on Thursday said its units were able to secure its respective ISO certifications on environmental and management standards, which will allow the company to attract more European and Japanese customers.
In its disclosure, the company said its units Cirtek Electronics Corp. and Cirtek Advanced Technology Solutions Inc. passed their ISO 14000 audits with zero non-conformance.
“Considering the stringent requirements of an ISO 14000 certificate, the company considers this a victorious achievement,” the company said. “Passin...Read more
Jul 05, 2021
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...Read more