Cirtek gets SEC approval to issue $ preferred shares

technology company Cirtek Holdings Philippines Corp. (CHPC) has received the green light from the Securities and Exchange Commission (SEC) to issue dollar-denominated preferred shares.

SEC commissioner Ephyro Amatong said the commission approved the transaction last week.

“Cirtek’s dollar denominated offering was approved during Friday’s Commission meeting,” Amatong said.

With the SEC approval, Cirtek can now proceed with the sale.

The company plans to sell $200 million worth of dollar denominated preferred shares between November and December to fund its expansion plans as well as that of its newly acquired company Quintel and to pay off debt, Anthony Buyawe, Cirtek chief finance officer said.

The company tapped BPI Capital Corp. and RCBC Capital as joint lead underwriters for the share sale, which will be comprised of 120 million shares as initial offer and another 80 million shares to cover the greenshoe option.

Preferred shares are cumulative, non-voting, nonparticipating, non-convertible and dollar-denominated.

The funds to be raised from the share sale would provide Cirtek a war chest for its acquisition, officials said.

It recently acquired USbased Quintel, a leading provider of advanced high-efficiency and high-performance antenna solutions. Officials said, the company has two more acquisitions in the pipeline.