Cirtek seeks SEC go-signal to issue $200-M pref shares

MANILA, Philippines — Cirtek Holdings Philippines Corp. is seeking the approval of the Securities and Exchange Commission (SEC) to issue dollar-denominated preferred shares.

Anthony Buyawe, chief finance officer of Cirtek, said the company plans to sell $200 million worth of dollar denominated preferred share between November and December to fund its expansion plans as well as that of its newly acquired company Quintel and to pay off debt.

Buyawe said the company tapped BPI Capital and RCBC Capital as joint lead underwriters for the share sale, which will comprise of 120 million as initial offer and another 80 million shares to cover the greenshoe option.

Preferred shares are cumulative, non-voting, non-participating, non-convertible and peso-denominated.

The company recently acquired US-based Quintel, a leading provider of advanced high-efficiency and high-performance antenna solutions. 

It plans to acquire one or two more technology assets in the next one or two years to transform Cirtek into a very high-tech company.

 With Quintel, the company plans to get a substantial share of the fast-growing BTS (base station antennas).

Quintel, a leader in the high-value multi-port antenna market in North America, is looking to increase its market share in the US to 30 percent from the current 10 percent by securing new clients and introducing new products.

CHPC vice chairman and president Roberto Juanchito Dispo said the company plans to list Quintel on Nasdaq in two to three years.

The company also sees Quintel churning in revenues of $500 million in “three to five years with the launch of new products and acquisitions.

CHPC provides complete manufacturing solutions for value-added, highly integrated radio frequency, microwave and millimeterwave technology products, smart antenna systems.  It also provides full service/turnkey solutions including wafer probing, wafer back grinding, assembly, and packaging and final testing of semi-conductor devices.