PSE approves Cirtek’s P1.37-b rights offering

By Jenniffer B. Austria Manila Standard

Cirtek Holdings Philippines Corp. obtained the approval of Philippine Stock Exchange Inc. on its planned P1.37-billion stock rights offering with bonus detachable warrants.

Cirtek said in a disclosure to the stock exchange it set the final price of the rights offering at P5.50 and the final exercise price for the bonus detachable warrants at P5.50.

The company plans to issue and list 249.44 million rights shares and another 249.44 million bonus detachable warrants with 249.44 million underlying common shares.

Investors who hold common shares of Cirtek as of July 2, 2021 will be entitled to subscribe to entitlement shares at discounted price of P5.50 each. For every one entitlement right subscribed to, one bonus detachable warrant will be issued free of charge to the investor and will 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 apiece.