CIRTEK HOLDINGS Philippines Corp. has amended its 70 million preferred class B-2 shares offer by issuing subseries “C” and “B” shares for both the base offer and the oversubscription option, the company said in a disclosure on Tuesday.
The primary offer, which covers up to 50 million shares, was originally comprised of only subseries “C” shares. Meanwhile, the oversubscription option of up to 20 million shares was previously composed of just subseries “D” shares.
“The total gross proceeds to be raised by the Corporation from the primary offering of Preferred B-2 Shares, to be issued as either Subseries “C” and/or “D,” from the offer price of P50 per preferred B-2 share will be approximately P2,456.6 million,” Cirtek said.
“Assuming that all the oversubscription option are fully exercised at an exercise price of P50 per preferred share will be approximately P3,438.6 million,” it added.
According to its preliminary prospectus dated Oct. 21, the company plans to use its net proceeds to refinance its existing debt, partial repayment of its maturing preferred class B2-A shares, capital expenditures or for equipment, and to fund the working capital of its subsidiaries.
It is targeting to hold its offer period from Nov. 25 to Dec. 3, while its tentative issue and listing date is slated for Dec. 10.
Upon listing, preferred class B-2 subseries C shares will trade under ticker symbol “TCB2C,” while its preferred class B-2 subseries D shares will trade with “TCB2D.”
The company assigned PNB Capital and Investment Corp. as the sole issue manager, lead underwriter, and sole bookrunner for the offer.
Cirtek shares went up by five centavos or 1.16% to close at P4.36 apiece on Tuesday. — Keren Concepcion G. Valmonte