Monday 16 July
Powered by Ajaxy
Oct 24, 2017 @ 13:57

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

Tags: , , , , , , , , , , ,

Related Stories
A US hedge fund is demanding almost $800 million from South Korea at an international
More foreigners opted to take their money out of the Philippines last month.
The US and China on Friday launched tit-for-tat tariffs on each other's imports, the opening
The Kremlin warned Friday that a trade war between the US and China will have


Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.