Cirtek eyes $10 M from corporate notes

MANILA, Philippines - Laguna-based semiconductor firm Cirtek Holdings Philippines Corp. is raising $10 million from the issuance of corporate notes to Metropolitan Bank and Trust Co.

In a disclosure to the stock exchange, Cirtek said it has entered into a note facility agreement with Metrobank for the issuance of corporate notes, in which the George Ty-owned bank would serve as the initial noteholder.

Metrobank-Trust Banking Group, meanwhile, would serve as facility and paying agent and First Metro Investment Corp. would be the arranger.

Cirtek is currently expanding its product and technology portfolio and proceeds would be used to fund its growth.

The listed semiconductor firm is fresh from a $12-million acquisition of an integrated technology products company in July this year.

Cirtek, through wholly-owned subsidiary Cirtek Electronics International Corp., has entered into a share purchase deal with Remec Broadband Wireless Holdings, Inc. to acquire the latter’s 100-percent stake in Remec Broadband Wireless International Inc.

The transaction was seen to boost its presence in the high-growth wireless communication space as part of accelerating growth and improving the firm’s profitability

Cirtek is an independent complete solution provider for subcontract manufacturing of semiconductor devices with 29 years of experience in the assembly and testing segment.

It provides turnkey solutions that include package design and development, wafer probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices, and delivery and shipment to its customers’ end-users.