Business

GSIS exits from Cirtek but SSS stays on, amid selling frenzy by owner Jerry Liu

The Government Service Insurance System (GSIS) has fully divested from Cirtek Holdings Philippines Corp.

GSIS used to have 17.5 million shares or 4.17 percent of Cirtek as of July 2019. This was reduced to 6.35 million shares or 1.52 percent as of January 2020. Based on Cirtek’s latest public ownership report, GSIS has zero holdings.

But its fellow government financial institution, Social Security System (SSS), is holding on to its 13.626 million shares or 3.2 percent stake in Cirtek amid the freefall in its stock price since reaching a peak of P54.80 in January 2018. Cirtek closed trading at P5.52 on Friday, July 24.

GSIS’s divestment came amid bilyonaryo Jerry Liu’s frantic sale of shares in the semiconductor firm he founded in 1984.

Liu has disposed off 25.4 million shares or 12 percent of his Cirtek holdings from 208.888 in December 2019 to 183.488 million in July 2020.

His stake in company has dropped from 49.88 percent to 43.7 percent.

Cirtek’s subsidiary, Cirtek Electronics Corp., has likewise slashedits interest in the firm to five percent in July 2020 from 8.81 percent in December 2018.

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