Cirtek prepares for capital raising
Laguna-based electronics manufacturer Cirtek Holdings Philipines Corp. will issue preferred shares to raise funds for its continued expansion.
In a disclosure to the Philippine Stock Exchange, Cirtek said its board approved the creation of 270 million preferred B shares with a par value of P1 each.
Cirtek said the creation of preferred B dhares allows for flexibility in the company’s ability to raise fresh capital.
The preferred shares will come from an increase in the company’s authorized capital to P2 billion.
The proposed fund-raising program follows Cirtek’s acquisition of US-based antenna solutions firm Quintel for $77 million.
Quintel is a developer of spectrum and space-efficient base station antennas for wireless networks. Its clients include two of the top 5 telecom carriers in North America.