SEC approves Cirtek’s preferred share issue

Published by Philstar

MANILA, Philippines — The Securities and Exchange Commission (SEC) has approved the public offering by Cirtek Holdings Philippines Corp. of up to P3.5 billion worth of preferred shares.

In a meeting on Oct. 26, the SEC approved the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at a price of P50 per share, with an oversubscription option of up to 20 million preferred shares.

The listed tech manufacturer expects to net P3.44 billion from the offer, assuming the oversubscription option is fully exercised, proceeds of which will be used to refinance Cirtek’s existing debt and for partial payment of maturing debt and for capital expenditures and working capital of its subsidiaries.

The offering will run from Nov. 25 to Dec. 3, in time for the listing of the preferred shares on the PSE on Dec. 10, according to Cirtek’s timetable submitted to the SEC.

PNB Capital and Investment Corp. is the sole issue manager, lead underwriter and sole book runner for the offer.

Cirtek is a major global technology firm and electronics manufacturer. It is the holding company of Cirtek Electronics Corp. and Cirtek Electronics International Corp.

Through its subsidiaries, the company designs, produces and delivers station antenna systems for wireless communication. It also manufactures solutions for value-added, highly integrated radio frequency, microwave and millimeterwave technology products, and provides full service/turnkey solutions including wafer probing, wafer back grinding, assembly, packaging and final testing of semiconductor devices.

The company’s products cover a wide range of applications and industries, including communications, consumer electronics, power devices, computing, automotive and industrial.