Cirtek Holdings Philippines Corp. said Tuesday it plans to raise up to $33 million from the sale of preferred shares.
Cirtek said in a disclosure to the stock exchange its board of directors approved the offering of up to 33 million of preferred B2 sub-series B shares by way of private placement at $1 apiece.
The preferred shares, which will be listed with the Philippine Stock Exchange, will be issued from the unissued preferred B2 shares.
Cirtek in July reissued P494 million worth of commercial paper maturing on Feb. 18, 2021. Net proceeds from the reissuance of commercial paper will be used to partially retire short-term obligations maturing in 2020 and finance working capital requirements of subsidiary Quintel USA as it takes part in the creation of 5G-enabled world.
The commercial paper was listed on the Philippine Dealing and Exchange Corp.
Cirtek recorded a net income of $5 million in the first half, up by 118 percent from $2.3 million in the same period last year.
Revenues in the first six months fell 13 percent to $42.3 million from $48.6 million a year ago, on 25-percent decrease in revenue contribution from Quintel and the 12-percent drop in revenue contribution from its semiconductor business.
Operating revenues also went down by 18 percent to $4.6 million in the first half from $5.7 million in the same period in 2019.
The share price of Cirtek rose 0.70 percent to close at P5.74 Tuesday.