Cirtek Holdings Philippines Corp. on Wednesday announced plans to conduct a share buyback program to boost shareholder value.
Cirtek Holdings vice chairman Roberto Juanchito Dispo said in a statement the planned share repurchase program was aimed at bolstering shareholder returns.
The company did not provide other details, including the number of shares it would purchase from the market, and the timing and duration of the buyback program.
“Returns to shareholders is one of Cirtek’s key objectives. The company will carefully consider the timing and method of the share repurchases,” Dispo said.
From a 52-week high of P65 on January 4, share price of Cirtek dropped to a 52-week low of P29.50 on Wednesday.
Cirtek early this month said it would make two overseas acquisitions to expand operations.
Dispo said in an interview at the sidelines of an investors’ briefing the company was targeting a company from United Kingdom and China.
The planned acquisitions will complement the company’s business operations and at the same time expand its market in Asia.
The company plans to conduct a follow-on offering next year to finance the acquisitions.
Cirtek in 2017 acquired US-based Quintel for $77 million. US-based Quintel is a leading innovator of spectrum and space-efficient base station antennas for wireless networks.
Cirtek booked a net income of $7.5 million in the first half of the year, up 60 percent year-on-year, on strong revenues from Quintel.
First-half revenues surged 30 percent to $54.8 million from $42.2 million recorded in the same period a year ago.
Revenue contribution from Quintel amounted to $30.7 million in the first six months of the year.