LISTED semiconductor maker Cirtek Holdings Philippines Corp. is offering more shares to raise about P2 billion for future acquisitions.
Its board of directors approved the registration of the offering before the Securities and Exchange Commission (SEC), the company said in a disclosure to the Philippine Stock Exchange.
Cirtek Chief Financial Officer Anthony Buyawe told The Manila Times that, “the offer structure and timetable is still being finalized.”
“Part of the proceeds will be used for strategic acquisitions. We have already identified targets,” Buyawe said in a text message.
Its acquisition targets are mainly small to medium scale semiconductor manufacturers.
In a June 17 disclosure, the firm said its directors approved an increase in authorized capital to P1.04 billion on top on the newly created P560 million worth of preferred shares.
Its expansion through acquisition is in line with the 4 percent to 7 percent growth in the semiconductor industry on the back of demand from the makers of tablets, smartphones and ultramobile devices.
Cirtek reported a net income of $1.4 million in the first three months of the year from $1.02 million a year earlier. Revenues increased to $1.61 million from $1.17 million.
The company Cirtek provides solutions for subcontract semiconductor manufacturers and has three subsidiaries: Cirtek Electronics Corp., Cirtek Advanced Technology and Solutions Inc. and offshore unit Cirtek Electronics International Corp.