Bilyonaryo Jerry Liu has sold P39 million worth of shares in his company which is trading at just a third of its year-ago price.
In a report to the Philippine Stock Exchange, the Filipino-Taiwanese businessman sold five million shares of Cirtek Holdings Philippines Corp. at roughly P7.80 per share. A year ago, it was trading at P26.50 per share.
The sale reduced his shareholdings by 2.5 percent to 198 million.
The shares were lodged in his family’s holding firm, Camerton, which has stakes in Figaro Coffee, Tien Ma’s Restaurant and Angel’s Pizza.
Cirtek Vice President Tony Callueng said the firm’s manufacturing plant was running at 60 percent capacity during the enhanced community quarantine and it planned to increase it to 70 percent of capacity once the lockdown has been eased.
“To answer for increasing orders yet maintain social distancing within the facility, it outsources to contract manufacturers in China that has fully emerged from the lockdown last March,” said Callueng.
“As part of Cirtek’s business continuity and expansion plans, it is in talks with an additional contract manufacturing partner in China as well as qualifying a new Taiwan facility in response to supply chain diversification and business resiliency plans moving forward,” he added.