MANILA, Philippines — Cirtek Holdings Philippines Corporation, the country’s leading wireless and communications technology company, on Friday finalized the dividend rate of its dollar-denominated preferred B-2 shares offer at 6.125%.
Cirtek will sell the preferred shares to public investors between November 16-29 to raise up to $60 million dollars. Minimum investment on the preferred shares is $1,000.00.
On the final dividend rate, which is lower than the previous range of 6.25%-6.75% indicated by the company, BPI Capital Corporation’s Head of Debt Capital Markets Luis Cruz shares, “Cirtek, being prudent, only took demand at an acceptable rate of 6.125%. The issue size of $60 million could support the growth target of the company moving forward. There is still an $80 milllion oversubscription option that will allow the company to service the expected demand come the offer period.”
The preferred shares is scheduled for listing in the Philippine Stock Exchange’s dollar board on December 8.
Proceeds of the sale will be used primarily to fund the company’s further expansion and debt retirement, and complement its recent purchase of Quintel, a leading antenna solutions provider in the United States.
Cirtek Holdings Philippines Corporation (CHPC) is the holding company of Cirtek Electronics Corporation (“CEC”) and Cirtek Electronics International Corporation (“CEIC”), (collectively the “Cirtek Group”). Through its subsidiaries, the Company is primarily engaged in three major activities: (1) design, production and delivery of state of the art base station antenna systems for wireless communication, (2) provide complete manufacturing solutions for value-added, highly integrated radio frequency (“RF”), microwave and millimeterwave technology products, and (3) provide full service/turnkey solutions including wafer probing, wafer back grinding, assembly, packaging andfinal testing of semiconductor devices.
CHPC through its subsidiaries harnesses more than 54 years of combined operating track record. The Company’s products cover a wide range of applications and industries, including communications, consumer electronics, power devices, computing, automotive, and industrial.
CHPC is listed on the Philippine Stock Exchange in November 2011 and carries the ticker symbol “TECH”.
Forward Looking Statements
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