Cirtek eyes Nasdaq listing for antenna solutions business

ABS-CBN News

Posted at Oct 25 2017 05:06 PM | Updated as of Oct 25 2017 05:29 PM

MANILA - Cirtek Holdings said Wednesday it was aiming for a Nasdaq listing in 5 years for Quintel, the antenna solutions provider it recently acquired.

Proceeds from an upcoming offer of $120 million in dollar-denominated securities will be used to pare debt and fund 1 to 2 strategic acquisitions in 2 years to boost Quintel's revenue to $500 million, said Cirtek Holdings president Jojo Dispo.

The goal is to grow Quintel into a $1-billion company, he said.

"Its a very bullish forecast but its supported by the tremendous growth in our market share in the US telco industry," Dispo told ANC's Market Edge with Cathy Yang.

Laguna-based electronics manufacturer Cirtek acquired Silicon Valley-based Quintel for $77 million last July.

Cirtek is in talks with telecommunications companies in the Philippines and Asia, as well as government agencies, about using its technology to improve internet speeds, Dispo said.

Quintel's technology will allow local telcos to bring internet speeds at par with AT&T and Verizon in the United States, he said.