SEMICONDUCTOR firm Cirtek Holdings Philippines Corp. has secured the approval of the Securities and Exchange Commission (SEC) to go ahead with a P2.88-billion follow-on offering to fund its long-term expansion.

The share sale involves 120 million common shares at P24 apiece, consisting of 80 million shares as the base offering and 40 million shares for oversubscription. After the offer, the company will have 419.063 million outstanding common shares.

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