A UNIT of technology company Cirtek Holdings Philippines Corp. has extended a master supply agreement with two telecommunication companies in North America.
Cirtek said in a regulatory filing on Monday that the agreement between its telecom base station antenna unit Quintel USA, Inc. and two unnamed carriers provides for a business extension of another five years.
“This comes at a time following a series of new product introductions released by Quintel when fifth generation (5G) is at an inflection point,” Cirtek said.
“Quintel’s 5G products are precisely designed with the customer’s network architecture in mind allowing synergies in terms of backwards compatibility to existing infrastructure while providing 5G capability at a fraction of the cost against competitor products,” it added.
Jorge S. Aguilar, Cirtek vice-chairman, said Quintel is projected to grow its business in the near to medium term due to the relevance of its products and positive customer reception.
“Our products allow carriers to stay ahead of their game and maximize 5G services in the quickest and most cost economical manner. We are preparing our supply chain, planning, capacity expansion and capital expenditures to fully support the demand as we look to grow our market share to double digit figures in the next three to five years,” Mr. Aguilar said.
Cirtek said that based on a research and market study published in March, the global 5G base station market is estimated to grow by a compound annual growth rate of around 32% over the period of 2020 to 2028 and is seen to cross market valuation of $177 billion by 2028.
On Monday, shares of Cirtek at the stock exchange ended flat at P5.52 apiece. — Revin Mikhael D. Ochave