Technology company Cirtek Holdings Philippines Corp. aims to become a $1-billion company in terms of annual revenues and plans to list recently acquired US-based unit Quintel with the New York Stock Exchange over the next two to three years, a top executive said Wednesday.
Cirtek vice chairman and president Roberto Juanchito Dispo said in a news briefing Quintel was on expansion mode with a plan to grow its market share in the US to 25 percent from 5 percent, secure more clients and introduce new products.
Quintel is also looking to penetrate Southeast Asia including the Philippines to help telecommunication companies quicken their network rollout, he said.
“The objective is grow the company into a $500-million revenue company in three to five years and complement it with one of two strategic acquisitions to bring it to $1-billion company,” Dispo said.
Dispo said in the Philippines, the company planned to talk to Globe Telecom, PLDT Inc. and government agencies to present its cutting-edge technology and support the growth of the local telecommunication sector.
He said the Philippines only had 20,000 cell sites, below the 100,000 cell sites needed to improve mobile services.
Quintel is a leader in the high-value multi-port antenna market in North America. Its multi-port technology, which allows a single antenna to support more spectrum bands and multiple arrays, is currently used by major telecommunication companies in the US, including AT&T, Verizon, T-Mobile and America Movil/Claro.
Cirtek said to support Quintel’s expansion, it would raise $200 million from the sale of dollar-denominated preferred shares before the end of the year.
Cirtek tapped BPI Capital Corp. and RCBC Securities to be the underwriters for the capital raising activity.
“We are investing more in Quintel to extend its technological leadership through continued innovations. We will also open new markets and build global sales force to take advantage of the worldwide expansion in mobile telecommunications,” Dispo said.
Cirtek acquired a 100-percent stake in Quintel in August for $77 million.
Cirtek, which is primarily engaged in providing complete manufacturing solutions for value-added, highly integrated radio frequency, microwave and millimeterwave technology products, said it expected Quintel to become the company’s largest revenue contributor.
