CIRTEK Holdings Philippines Corp. announced on Wednesday that its Board of Directors had approved a plan to create 270 million Preferred B shares as part of its strategy to raise capital.
“The Board of Directors of the corporation approved the creation of 270-million Preferred B Shares with a par value of P1.00 per share for a possible capital raising exercise that will be conducted by the company,” Cirtek said in a disclosure to the Philippine Stock Exchange.
“The issuance of the new Preferred B shares will come from the increase in the authorized capital stock of the corporation, which shall be submitted for approval by the Securities and Exchange Commission,” it added.
Further details regarding the transaction have yet to be divulged.
Cirtek is a listed electronics and wireless broadband manufacturing firm that has recently acquired Quintel Cayman Ltd., a US-based antenna solutions provider that helps mobile operators increase efficiency, enhance quality-of-service, slash costs and accelerate return-on-investment.
The company has allotted $77 million for the acquisition.
Cirtek earlier said it expects to book $125 million revenue for full year 2017 following the acquisition. In 2016, the company recorded revenue of $77 million.