Cirtek readies $200M preferred share offering as it looks for further growth
Laguna-based chip maker Cirtek Holdings Philippines Corp. has approved the issuance of up to $200 million non-voting preferred shares to further grow its business and pay down debt.
In a stock exchange filing, Cirtek said its board approved the offering of as much 200 million cumulative, non-participating, non-convertible preferred B shares at $1 each.
Cirtek officials earlier said the company had tapped BPI Capital Corp. And RCBC Capital to manage the offering.
The five-year preferred shares are estimated to have a dividend rate of 5.25 to 5.75 percent per annum.
Proceeds from the offering, which is targeted to start next month or early December, will be used to bankroll acquisitions and expand the operations of newly-acquired Quintel, a leading US-based antenna solutions provider