CIRTEK Electronics Corp. (CEC) has acquired a 6.55 percent stake in its parent firm Cirtek Holdings Philippines Corp. for P609.58 million.
In a disclosure to the Philippine Stock Exchange on Thursday, Cirtek said its unit CEC bought 27.152 million of its shares—equivalent to 6.55 percent stake—priced at P22.45 per share.
The statement did not say why CEC bought the 6.55 percent stake from its parent Cirtek Holdings.
CEC is Cirtek’s manufacturer of standard integrated circuits, discrete, hybrid and potential new packages, as well as provider of complete turnkey solutions that include wafer probing, wafer back grinding, assembly and packaging, and final testing of semiconductor devices catering mostly to its clients in the US.
Other than CEC, Cirtek has another subsidiary, Cirtek Advanced Technologies and Solutions Inc., which manufactures, fabricates and designs the group’s microwave components and subsystems for export.
Cirtek began operations in 1984 and was incorporated in 2011. It is involved in manufacturing semiconductors and electronics as well as radio frequency products used in communication devices, and exports its products to Asia-Pacific, Europe and North America.