Cirtek Holdings selling land, non-core assets

Cirtek Holdings Philippines Corp. has approved the sale of non-core assets which it acquired after buying Remec Broadband Wireless International Inc. in July 2014.

Cirtek said in a stock exchange filing that the assets, under wholly owned subsidiary Cirtek Advanced Technologies and Solutions Inc., were no longer needed by the company.

The assets include a 40,000-square meter parcel of land in Canlubang Laguna, as well as the buildings and other improvements built on the land. Cirtek said structures on the property included “a main building, an energy building, a storage building, a garbage station, a guard house, a concrete driveway and fence with metal gate.”

The company disclosed the plan as it forecast higher growth this year for its core businesses. Specifically, the company noted in a previous filing that the semiconductor industry will grow by between 4 percent and 7 percent in 2015. It also sees growth in the sale of electronic components in automobiles, bolstered by the emergence of hybrid and electronic car models.

“We expect to sustain and accelerate this growth track by continuing to deliver value to our customers in terms of quality, cycle time, process technology and price points, and focusing on growth markets and key industry trends,” Cirtek chair and CEO Jerry Liu said in an earlier statement.

Cirtek earlier disclosed that its revenue in 2014 hit $52 million, up by 18 percent while net income reached $6.8 million, higher by 45 percent than the year-ago level.

Revenue growth was boosted by the contributions from its RF, microwave and millimeterwave operations under Remec.

It noted that the millimeterwave market alone would be worth $11 billion in 2020, with applications to include last-mile deployment for wireless communication, government security, medical technology and commercial space programs.

For the rest of the year, the company aims to grow its customer base with the rollout of new products, some will be introduced within the first six months of 2015.

The company is also considering acquiring companies with “high” research and development capabilities.