Business Mirror By VG Cabuag
Laguna-based Cirtek Holdings Philippines Corp. (CHPC) has secured a high rating from a local credit ratings agency for its three-year, shelf registration of its commercial papers worth P2 billion.
The company secured a PRS A with a stable outlook from the Philippine Rating Services Corp.
A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates.
The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates, according to the local ratings firm.
A stable outlook is an indication as to the possible direction of any rating change within one year and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators and the general public.
The said ratings were based on manageable liquidity and capitalization levels, the Cirtek group’s established track record in the industry, its strong customer base of well-established and global companies, diversified in terms of region and industries; and improved profit margins despite lower revenues.
The ratings, however, included “highly competitive and cyclical industry that is susceptible to adverse changes in various economies and characterized by the presence of larger international players.”
“PhilRatings’ ratings are based on available information and projections at the time that the rating review was performed,” it said.
Cirtek, a company led by the Tiu group, started out as a semiconductor firm based in Laguna, but transformed itself into a fully integrated global technology company that expanded its market on wireless communication.
“Members of CHPC’s senior management team have been around for over 35 years and have weathered economic ups and downs and political crises in the Philippines. Through this time, it was able to grow its operations amidst a highly competitive and cyclical industry with larger international players,” the ratings firm said.
Jul 05, 2021
By Faye Almazan The Manila Times
Listed Cirtek Holdings Philippines Corp. on Wednesday said the Philippine Stock Exchange Inc. (PSE) has approved its stock rights offering (SRO) with bonus detachable warrants.
In a disclosure to the exchange, the company said the PSE approved its listing application last June 23.
Cirtek intends to list 249.44 million common shares and 249.44 million Bonus Detachable Warrants, with 249.44 million underlying common shares.
The firm said it has set the final offer price of its SRO at P5.50 and the final exercise price of its bonus detachable warrants also at P5.5...
Read moreAug 17, 2021
Published by Business World
CIRTEK Holdings Philippines Corp. has listed 249.44 million common shares in the local bourse, and will issue bonus detachable warrants of the same number, the company said on Monday.
In a press release, Cirtek Holdings said that the common shares sold through a stock rights offer are at an offer price of P5.50 per entitlement right each. The company set the ratio at one entitlement right for every 1.68 common shares.
Meanwhile, the company said that it is also issuing bonus detachable warrants which are free-of-charge to the investor. “[The warrants] shall be issue...
Read moreJul 05, 2021
By Maria Romero Tribune PH
Laguna-based Cirtek Holding Philippines Corporation has secured approval from the Philippine Stock Exchange (PSE) for its stock rights offer (SRO) with bonus detachable warrants.
In a regulatory filing on Wednesday, Cirtek said it has also set its final offer price at P5.50 per Entitlement Right and final Exercise Price at P5.50 for the bonus detachable warrants.
The company intends to list 249 million common shares or right shares and another 249 million bonus detachable warrants with 249 million underlying common shares.
Investors who hold common shares of the comp...
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