News Room

Cirtek Raises US$67 Mn from Preferred Shares Issue

MANILA, Philippines – CIRTEK HOLDINGS Philippines Corp. on Thursday announced it had raised US$67 million from the issuance of dollar-denominated preferred shares.

The Company said that demand for TECH’s dollar-denominated preferred shares was significant, in particular from retail investors.

According to Cirtek CFO Anthony Buyawe, “At the higher end of the pricing range of 6.25-6.75% p.a., indicative demand was US$110 Mn.  We eventually settled for a dividend rate of 6.125% p.a. which was still within Cirtek‘s blended cost of debt, and at the same time gives a very decent return to investors.”

“The successful issuance of dollar preferred shares places the Company in a strong position to pursue strategic and growth initiatives leading to an expanded international presence,” said Mr. Buyawe.

“The strong reception from retail investors reflect the growing acceptance and demand for dollar denominated products in the Philippine capital market,” said Mr. Roberto Juanchito Dispo, Vice Chairman and CEO of Cirtek.

Mr. Dispo adds, “We held roadshows in Manila, Cebu and Davao during the offer period, and saw that Filipinos are in fact already diversifying their investments into dollars.”

Proceeds from the preferred shares offering will be used to partly fund strategic acquisitions, and for debt retirement, capacity expansion, and research and development.

The shares are expected to be listed on the Philippine Stock Exchange on December 8.

BPI Capital Corporation is the sole issue manager and bookrunner.  Joint lead underwriters are BPI Capital and RCBC Capital.


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 and final 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”.

For investors inquiries, please contact:

Anthony Buyawe           +63 917.8095129  


Forward Looking Statements

This press release contains statements about future events and expectations that constitute “forward-looking statements.”  These forward-looking statements include words or phrases such as the Company or its management “believes”, “expects”, “anticipates”, “intends”, “may”, “plans”, “foresees”, “targets”, “aims” “would”, “could” or other words or phrases of similar import.  Similarly, statements that describe the Company’s objectives, plans or goals are also forward-looking statements.  All such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement.  Such forward looking statements are made based on management’s current expectations or beliefs as well as assumptions made by, and information currently available to, management.  These forward-looking statements speak only as at the date of this press release and nothing contained in this press release is or should be relied upon as a promise or representation as to the future.

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