Cirtek Debuts in the PDEx Organized Secondary MarketPosted on: February 20, 2020
20 February 2020, Makati, Philippines — The local debt market welcomes Laguna-based semiconductor manufacturer Cirtek Holdings Philippines Corporation (TECH) with the debut issuance and listing of its PhP 2 Billion Commercial Paper on the Philippine Dealing & Exchange Corp. (PDEx).
In his welcome remarks, PDEx President & Chief Operating Officer Antonino A. Nakpil said: “It is also most fitting that Cirtek, a home-grown firm that has established itself in the international market, experiences the funding support available from the local, i.e. also home-grown, bond investors. Even to this day, the amount of investment demand continues to amaze, as in this month of February 2020 alone, our segment of the capital market will generate over PhP 460 Billion of funding for both government and private debt issues.”
“Events like these permit us to reaffirm our advocacy to expand the public debt market to reach more issuers and allow them the benefits of a direct relationship with their investors. And as has been experienced by most of our listed issuers, this is a relationship which when virtuously nurtured, becomes long term as first time issuers become returning issuers to a readily waiting pool of ‘loyal’ investors,” added Mr. Nakpil.
TECH Vice Chairman and President Jorge S. Aguilar remarked: “Cirtek is 35 years on going business with proven track records of impressive growth, strong management team, and annual dividend declaration to shareholders. With our rich business experience, Cirtek can weather economic slowdown recession and financial crisis. Our business is built on best quality practice, low overhead / hands on style and competitive price.”
The event was also graced by Sole Arranger and Lead Underwriter Multinational Investment Bancorporation Chief Operating Officer Dindo Caguiat, and Vice President Patricia Flores, and Trustee AB Capital and Investment Corporation Assistant Vice President Michael Yuson.
This 7th listing for 2020 brings the year-to-date total of new listings to PhP 68.04 Billion, pushing the total level of tradable corporate debt instruments to PHP 1.39 Billion issued by 54 companies, comprised of 200 securities.