Cirtek Holdings Philippines Corp. eyes to raise P2 billion through the issuance of commercial papers.
The company looks to raise the whole amount in three years time.
Cirtek intends to offer the papers in three series — 91-day, Series A worth P500 million, 182-day Series B worth P500 million, and 364-day Series C worth P1 billion.
The offer period shall commence upon or immediately after approval by the Securities and Exchange Commission of the commercial papers.
Multinational Investment BanCorp. was tapped as underwriter.
In May, Citek said it expects its military-grade power regulators and microelectromechanical systems (MEMS) products to hit 2 million units and 6 million units per year, respectively, after it received approved from the US Defense Logistics Agency (DLA).
The company said its MEMS products passed the quality systems audit of the DLA last year.
It is now “officially certified as high quality military standard.”
“Power regulators are systems designed to automatically maintain a constant voltage level and use of all electronics components, while amplifiers are the core part of analog devices and are used with components like capacitors and resistors as voltage-amplifying devices. End applications include cutting-edge military and space exploration applications,” the company said.
“MEMS end applications include critical automobile systems like airbag deployment, navigation operations, pressure sensors and various other stabilization and robotics systems,” it added.
MEMS technology improves mechanical devices by making them very small but also fully-compatible with integrated circuits(IC) processes to have more combined efficiency and the best of both worlds.
“We are very proud of the high quality standards that Cirtek is able to achieve year after year, as shown by the continuous trust our customers place on us. With the continuous innovation in the technology world, automotive, defense, space, robotics and end-consumer products are always pushing boundaries to create more value. Cirtek is always updated by consistently investing in technology and will continue to showcase the world-class engineering of the Philippines to the world,” said Jerry Liu, Cirtek chairman.