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SEC approves Cirtek’s listing plans

SEC approves Cirtek’s listing plans

CIRTEK ELECTRONICS Corp. has bagged the Securities and Exchange Commission’s approval for a planned initial public offering (IPO) worth P660 million, documents showed.

Regulators gave the go signal for the Laguna-based chip maker’s proposal to sell 61,820,000 common shares for P10.68 apiece as a means to bankroll a thee-year expansion program, filings dated Sept. 7 showed.

This will mean 34% of its outstanding stock will be traded on the stock exchange after the listing.

Ten percent of the shares to be offered will be made available to small investors, defined as those whose investment will not exceed P25,000, the filing read further.

This comes on top other planned listing debuts already approved by the Philippine Stock Exchange–those of supermarket chain Puregold Price Club, Inc. and water utility Calapan Ventures, Inc. Meanwhile, Philex Petroleum Corp. has been given the green light for plans to list by way of introduction.

Only Megawide Construction Corp., a building contractor, has completed a public offering so far this year.

Cirtek, for its part, has tapped Banco de Oro Unibank’s subsidiary, BDO Capital and Investment Corp., as underwriter for the offer according to the document.

The firm claims to have been engaged for more than 25 years in semiconductor assembly, test and packaging services. Its products are used as components in equipment like smart phones and battery chargers, as well in automotive sensor and industrial applications. — CHCV


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