THE Philippine Stock Exchange (PSE) has given Cirtek Holdings Philippines Corp. and 8990 Holdings, Inc. the final approval to issue their respective preferred shares offerings by end-November.
The listed technology firm on Wednesday secured approval from the bourse to issue up to $120-million in preferred shares, allowing it to launch the offer on Nov. 16 up to 29 and listed on the PSE on Dec. 8.
The dividend rate of the preferred shares will be within the range of 6.25% and 6.75%, according to Cirtek Chief Finance Officer Anthony Buyawe. The company tapped RCBC Capital and BPI Capital Corp. to manage transactions of the dollar-denominated stocks.
Cirtek plans to use the proceeds of the offering to finance its expansion program.
Meanwhile, mass housing developer 8990 also received the PSE go-signal to raise up to P5 billion for the sale of 50 million preferred shares priced at P100 each.
The issuance is the initial tranche of 8990’s shelf registration covering 100 million preferred shares to be issued within a span of three years. This will be offered to investors from Nov. 17 to 23 under the symbol “8990P,” and will be listed on the main board of the PSE on Dec. 1. 8990 engaged ChinaBank Capital Corp. as the issue manager, lead underwriter, and bookrunner for the offering.
Net proceeds of the offer, pegged at around P4.95 billion, will be used to refinance existing debt obligations of the company and its subsidiary, 8990 Housing Development Corp.
The property developer noted the remaining balance of 50 million preferred shares under the shelf registration will be offered within the shelf period depending on market conditions.
Shares in Cirtek were up by five centavos or 0.11% to P45 apiece, while 8990 shares rose by 0.75% or four centavos to P5.39 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia
