THE SECURITIES and Exchange Commission has approved a plan by Laguna-based electronics manufacturer Cirtek Holdings Philippines Corp. to sell as much as P2.88 billion worth of shares from a follow-on offering.
The proposed offering will consist of 120 million shares to be sold at a maximum price of P24 per share, based on Cirtek’s regulatory filing.
About 80 million of the offering will consist of primary common shares, allowing Cirtek to raise up to P1.92 billion for its expansion program.
The company has the option to upsize the offering by 40 million shares in case of strong demand. These will be covered by secondary shares to be offered by existing shareholders.
Cirtek, which trades under the ticker “CHIPS,” is raising fresh capital for expansion including for future acquisitions.