Cirtek Holdings Philippines Corp. yesterday reported it is borrowing $10 million from Metropolitan Bank and Trust Co. (Metrobank) to finance its expansion plans.
Cirtek’s net income in the first nine months soared 86 percent to P5.7 million from P3 million a year ago while revenues grew 14 percent to P37 million from P32.4 previously.
Last July Cirtek, via its offshore unit Cirtek Electronics International Corp. (CEIC), completed the acquisition of Remec Broadband Wireless International Inc. (RBWI) for $12 million to expand the company’s portfolio.
RWBI manufactures wireless devices for telecommunication, satellite, aerospace and defense and the automotive sectors. RWBI is the local unit of RBWH, which was formed in 2005. RBWH has two more subsidiaries: Remec Broadband Wireless LLC and REMEC Broadband Wireless Canada Inc.
Cirtek began operations in 1984 and was incorporated in 2011. It is involved in providing service solutions for subcontract semiconductor manufacturers and has two subsidiaries: Cirtek Electronics Corp. and offshore unit CEIC.