Cirtek Holdings Philippines Corp. plans to raise as much as P3.5 billion through the sale of preferred shares.
The company has yet to completely firm up the plan, which its board of directors approved in a meeting Monday, but said the sale will be divided into an initial 50 million shares with a par value of P1 that is sold at P50 per share, and another 20 million shares covering the oversubscription option.
The shares will be cumulative, non-voting, non-participating, non-convertible, and redeemable. It will be issued in series TCB2C as the preferred B-2 subseries C shares and TCB2D for the preferred B-2 subseries D shares.
Cirtek did not disclose where the funds will be used but the company has been ramping up its production of 5G-capable antenna in the US as following the conclusion of the American government’s auction of frequencies.
The company is banking on telcos preparing for much of the work on 5G network designs while spectrum is cleared for commercial use in the succeeding months after the US auctioned its mid-band frequency in February.
