Cirtek Holdings Philippines Corp. may sell shares to Social Security System to facilitate the state-pension’s plan to own a board seat in the fast-growing technology company.
Cirtek chief finance officer Anthony Buyawe disclosed ongoing talks among the existing shareholders of the company to sell some shares to SSS. SSS could also buy additional shares in the open market. “It will be a combination,” Buyawe said.
SSS early this month expressed interest in getting board seats in Cirtek and the Philippine Stock Exchange to boost investments in the stock market.
SSS currently owns 16 million Cirtek shares equivalent to a four-percent stake. It needs a minimum of 42 million shares to get at least one board seat in the company, or equivalent to a stake of over 10 percent.
Meanwhile, Cirtek vice chairman and group president Roberto Juanchito Dispo welcomed SSS’ plan to acquire more shares in the company.
“We are proud to say that several strategic strong and investors have expressed interest in investing in Cirtek. The recent statement of SSS that they want to invest in the company again demonstrates the fact they believe in the business model of Cirtek, capital appreciation that comes with it and they also subscribe to the fact that the technology of this Filipino company is world-class and can bring in a lot of value to the local economy and to our global institutional investors,” Dispo said.
“They want to convey that don’t just want to buy our share but they want to be strategically part of charting the future direction of company in terms of acquisition, expansion and increasing our presence in the global technology space,” he added.
