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Cirtek Holdings Philippines Corp.
...bakit kaya type ng SSS ito? ano kaya nakita nila?

Cirtek open to allow SSS to buy more shares

Cirtek Holdings Philippines Corp. is open to allowing the Social Security System (SSS) to acquire more of its shares.

In an interview last week, Cirtek vice chairman and president Roberto Juanchito Dispo said that several strategic investors are interested in Cirtek and have been investing.

 “It’s a demonstration that they believe in the business model of Cirtek, that this Filipino company is world class and can bring in a lot of value not only to the local economy but also to the global economy,” Dispo said. 

SSS commissioner Jose Gabriel La Viña has said the company wants to acquire more shares in Cirtek to take advantage of the potential growth of the listed company. 

SSS currently has about P400 million worth of Cirtek shares, which it acquired from the open market.

The pension fund is already in talks for a possible acquisition of additional shares which will enable it to have one board seat in the company. 
Cirtek chief finance officer Anthony Buyawe said that if this pushes through, it would be done through a combination of private placement and acquisition of more shares in the open market.

“It may be a combination – private placement and open market,” he said.

Dispo said Cirtek would continue to chart the direction of the company’s expansion and increase its presence in the global technology space. 

On the side, Dispo said Cirtek is also helping SSS improve its connectivity among its regional and field offices. 

SSS has more than P100 billion invested in the equities market, equivalent to about 23 percent of its investible portfolio.

It also wants to take part in the Philippine Stock Exchange’s rights offering next month.

PSE is looking to raise as much P3.16 billion through a rights offer. It plans to sell 11.5 million common shares to eligible shareholders.  

Last year, Cirtek raised $67 million in fresh capital through the sale of dollar-denominated preferred shares, which will be used to pay debt and fund strategic acquisitions. 

The tech company is currently on expansion mode with a goal to become a $1-billion company.

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Cirtek to spend up to $8M for capacity expansion

CIRTEK HOLDINGS Philippines Corp. will be spending up to $8 million in capital expenditures (capex) in 2018 to further support its expansion and meet the supply requirements of its recent acquisitions.

“We got about $6-8 million in capex, group-wide… The chunk is really more for expanding our capacity,” Cirtek Chief Finance Officer Anthony S. Buyawe told reporters after the company’s press conference in Makati last week.

Mr. Buyawe explained the company expects higher demand for its products following the acquisition of United States-based antenna maker Quintel for $77 million in July 2017.

“As you can see with Quintel, we expect our sales to double therefore we need to expand our manufacturing capacity for that… And then obviously as we grow the business we will need more working capital so that’s gonna be for the 2018 capex,” Mr. Buyawe said.

The listed electronics manufacturer is also planning to add a fourth manufacturing facility in the Laguna TechnoPark. Cirtek currently operates three buildings inside a 20,000-square meter complex in Laguna.

“Right now we’re fully utilized in terms of floor space, so at some point we will have to build the fourth facility,” Mr. Buyawe said.

Remaining portions of the capex will be used for quality assurance of equipment, among others.

The group’s capex for 2018 is slightly higher than its actual spending of around $5-6 million in 2017, according to the Cirtek official.

For full-year 2017, the company targets consolidated revenues to hit close to $100 million, as it already expects sales from Quintel to contribute to its top-line. In terms of net income, Mr. Buyawe said it may be better than 2016’s earnings of $7.12 million, as Quintel’s impact on Cirtek’s bottom line will not yet be felt.

“Our goal for 2018 is have Quintel break even for the first quarter, and then thereafter be profitable,” he said.

Cirtek has been aggressive on acquisitions in 2017. Last December, the company also acquired a 49% stake in local e-commerce firm MultiPay for P100 million. MultiPay provides payment platforms and solutions to companies like Bayad Center, EasyPay, and DragonPay. 

MultiPay is expected to contribute P500 million in revenues in 2018.

Meanwhile, Cirtek is aiming to grow Quintel into a $500-million revenue firm in the next three to five years, making it eligible for listing at the Nasdaq stock market.

Cirtek saw its net income attributable to the parent rise 154% to $2.95 million in the first nine months of 2017, following a 25% uptick in revenues to $67.9 million during the same period.

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