News Room

Cirtek Starts $140M Preferred Shares Offer

MANILA, Philippines – Cirtek Holdings Philippines Corp. started on Thursday a two-week public offer of U.S. dollar-denominated preferred shares that would raise as much as $140 million to support the global expansion of the country’s leading wireless and communications technology company.

“This will allow us greater financial flexibility to pursue our expansion plans for the group, particularly Quintel,” said Cirtek chief financial officer Tony Buyawe.

Around $92.6 million has been earmarked to pay debts incurred to acquire Quintel and fund strategic acquisitions to substantially drive revenues of the U.S. base station antenna manufacturer in the next five years. The balance will be for working capital and other capital expenditures.

Cirtek plans to list Quintel, one of the leading base station antenna suppliers in the U.S. and dominates the market in Puerto Rico, on NASDAQ within 5 years.

Roberto Juanchito Dispo, president of Cirtek and CEO of Quintel, said the strategic acquisitions of both software and hardware companies will help the U.S. antenna maker bolster revenue within five years to over $500 million, at which point the Company plans to list Quintel on NASDAQ.

The preferred shares are offered with a dividend rate of 6.125% to be paid quarterly in the first five years. If the preferred shares are not redeemed in five years, the dividend rate will rise to 9.125%.

The public offer, which kicked off in a well-attended briefing at the Makati Shangri-La, will take Cirtek to the cities of Cebu and Davao next week. The company already secured firm offers for the $60 million base amount and expects strong demand for the $80 million set aside as greenshoe option.

Preferred shares are offered at $1 each at a minimum subscription of $1,000, and thereafter, increments of $100.  The offer ends on November 29 and the tentative listing date on the Philippine Stock Exchange is set on December 8.
BPI Capital Corp. and RCBC Capital are underwriting the preferred shares offer.


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 two 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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