Cirtek to raise $33M

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    Cirtek Holdings Philippine Corp. looks to raise as much as $33 million from the remaining preferred shares sale in 2017.

    The company said the preferred shares will be sold via a private placement and will be offered to qualified buyers at $1 per apiece. It will be listed with the Philippine Stock Exchange.

    Cirtek said the new preferred shares will be designated as subseries B shares.

    This fund raising follows the P494-million commercial paper reissuance by the company in July, with maturities on Feb. 18, 2021.

    The commercial papers were reissued under the company’s P2-billion commercial paper program approved by the Securities and Exchange Commission last February.

    The commercial paper proceeds will be used to partially retire Cirtek’s short-term obligations maturing this year and to finance working capital requirements of its subsidiary, Quintel USA Inc.