SEMICONDUCTOR contract manufacturer Cirtek Holdings Philippines Corp. said on Friday it will raise some $10 million from the floatation of corporate notes.
In its disclosure with the Philippine Stock Exchange, the company said it signed a note facility agreement with Metropolitan Bank and Trust Co. for the issuance of the said debt.
“Metrobank [will act] as the initial noteholder, while Metrobank-Trust Banking Group as facility and paying agent, and First Metro Investment Corp. as arranger,” the company said.
No details were given on the proceeds of the said notes.
Cirtek reported a net income increase of 83 percent for the nine months of the year ending September to $5.9 million, from last year’s $3.2 million. The said increase was partly as a result of higher sales and gain from its acquisition of Remec Broadband Wireless International Inc., a domestic manufacturer of telecommunications products.
It booked revenues of $37 million for the period, an increase of 14 percent from $32.4 million last year.
“The growth was accounted for by the strong sales performance of the company’s Multichip and Hermetics Divisions, which grew by 40 percent and 41 percent, respectively,” it said, but added that its other divisions recorded lower sales for the period.
Sales of RBW products under Remec brand amounted to $4.2 million for the two-month period ending September 30.
VG Cabuag