Archive
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- July (9)
- Cirtek Holdings acquires local tech company
- Cirtek Holdings to acquire Remec Broadband
- Cirtek buys tech manufacturing firm
- Cirtek acquires IT product maker
- Cirtek, Remec seal $10-M purchase seal
- Cirtek Electronics targets sales of $100 million
- Cirtek on track for $100-million sales
- Cirtek expects $100-m revenues
- Semiconductor maker Cirtek buys Remec Broadband Wireless
- February (2)
- January (3)
- July (9)
- 2013
- 2012
- 2011
- November (7)
- Cirtek unit partners with German firm
- Cirtek shares up sharply after listing debut
- Cirtek starts share offer today
- Cirtek shares up 13.57% on listing
- Telefunken taps Cirtek unit to supply power regulators
- Cirtek Holdings Philippine Corporation conducts maiden listing
- Cirtek takes in Telefunken of Germany as tech partner
- October (8)
- Cirtek drops BDO Capital as underwriter for IPO
- Cirtek to push through with IPO
- Semiconductor firm Cirtek still keen on P660-M IPO
- Cirtek bullish despite exports drop
- Company doubling plant’s chip capacity
- Cirtek to brave stock market next month for listing debut
- Cirtek expands reach in Europe, inks deal
- Electronics firm carves out niche in slumping market
- September (4)
- July (2)
- June (4)
- May (2)
- January (1)
- November (7)
- 2009
News & Updates
Semiconductor firm plans $10-M IPO
Semiconductor firm plans $10-M IPO
CIRTEK Electronics Corp., a semiconductor manufacturer based in Laguna, expects to raise at least $10 million from a planned initial public offering (IPO) to be held within the first half of the year, one of its strategic investors said.
Danny Lizares, who heads the Philippine office of Aureos South-East Asia Fund, told the BusinessMirror that proceeds from the share sale will be used to expand Cirtek’s manufacturing capabilities given expectations that semiconductor exports will remain robust in 2011.
Lizares said Aureos South-East Asia, an investment fund focused on emerging markets, bought “a little under a third” (interest) in the 27-year-old company in 2007.
He said the time is ripe for an IPO as the continued global economic recovery increases demand for electronic goods, many of which contain semiconductor components.
“[The year] 2010 was a remarkable year for electronics. Cirtek was able to capitalize and leverage on the upswing,” Lizares said.
“For the IPO, we are looking to raise at least $10 million. We are targeting to [do this] within the first half,” he added.
Lizares said Cirtek has already tapped an underwriter for the offer, although he declined to provide further details.
Last year, the electronics sector—the single-largest component of Philippine exports—recorded investments of over $2 billion which translates to an additional $4 billion in exports, the Semiconductor and Electronics Industries of the Philippines Inc. (Seipi) said on Monday.
Seipi has committed that the industry will more than double annual export revenues to $50 billion at the end of the current administration’s term in 2016.
Cirtek provides complete turnkey solutions that include services from wafer probe, wafer back grinding, assembly and packaging and final testing of semiconductor devices up to drop shipments to clients, the company said on its website.
Its manufacturing facility, situated in Laguna Technopark in Biñan, spans over 13,900 square meters.
Just last year, electronics manufacturer Integrated Micro-Electronics Inc. listed in the Philippine Stock Exchange via introduction. The company, owned by the Ayala group, has yet to hold its mandated IPO.
Aureos South East Asia is a unit of global investment fund Aureos Capital Ltd., which manages $1.2 billion in over 50 emerging markets covering Asia, Africa and Latin America.
The fund owns a minority stake in locally listed Pancake House Inc. and also recently acquired a third of Daniel O. Mercado Medical Center, a hospital operator, which it will take public in 2014.
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