Cirtek Holdings Philippines Corp. (Cirtek) subsidiary bags multi-million project with a Silicon Valley-based technology company to produce 5G-supporting chipsets to be used in fiber-optic networks.
In a statement Wednesday, Cirtek said its microwave and millimeter-wave manufacturing arm, Cirtek Advanced Technologies and Solutions, Inc. (CATSI), has been confirmed to manufacture chipsets that would support fifth-generation (5G) networks.
Cirtek will start production as early as the fourth quarter, Cirtek Executive Vice-President and Chief Financial Officer Brian Liu said. “CATSI is capitalizing its decades of history and experience in specialized Microwave Integrated Circuit Assembly and test know-how capabilities…,” in a statement.
“Such capability, when used collectively will allow great scalability and cater to the growing data processing requirements of an increasingly networked society. CATSI is capitalizing its decades of history and experience in specialized Microwave Integrated Circuit assembly and test know-how capabilities to begin production for the chipsets by Q4 2020” Liu added.
Quintel USA, Inc. a subsidiary based on the United States is preparing to deploy new antennas to be used for 5G mobile networks. Quintel got approval to use a frequency band that was previously reserved for use by the US navy, aircraft, and satellite applications. The band may now be used commercially to deploy 5G mobile networks without the need for new licenses.
“Quintel is very excited to participate in the nationwide swap out of existing antennas… This comes at an opportune time when the pandemic has forced millions of companies and employees to work from home…,” Cirtek Vice-Chairman and President Jorge Aguilar said in the statement. “Our new antennas are designed to open up 150 MHz (megahertz) of new information highway spectrum to US networks.”
The company said its board of directors had approved a plan to raise its authorized capital stock by P880 million to P1.74 billion in preparation for future capital raising activities as stated in a disclosure to the Philippine Stock Exchange.
The company will increase its authorized common stock to P1.2 billion with 1.2 billion common shares, from P520 million with 520 million common shares, priced at P1 each. Its authorized preferred B stock will also be increased to P470 million with 470 preferred B shares, from P270 million with 270 million preferred B shares, priced at P1 each.
Cirtek Holdings Philippines Corporation is listed in the Philippine Stock Exchange as $TECH and as of July 08, 2020, it was last traded at P7.66 per shares -8.48% lower than its previous close with 84.66M value traded.
-Stockbytes PH, July 9 2020
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