Cirtek to raise capital stock to P2 billion

Michelle Ong, ABS-CBN News

Posted at Sep 11 2017 10:12 AM

MANILA - Cirtek Holdings said Monday it would increase its authorized capital nearly four-fold to P2 billion pesos, as it expands its radio and semiconductor business.

The company told the stock exchange that it would raise P1.44 billion through a private placement or public offering to boost its P560-million capital stock.

The first tranche of the capital raising will be worth P300 million, it said.

Last July, Cirtek bought US-Based antenna solutions firm Quintel for $77 million.

Shares of Cirtek were up 1.67 percent to P36.60 in early trading on Monday.