Electronics manufacturer Cirtek Holdings Philippines Corp. said Monday it suspended payments for all preferred shares for 2025 to manage liquidity and preserve resources for long-term sustainability.
“The board of directors of TECH, in its special meeting held on 7 March 2025, upon recommendation of management, approved the suspension of payment of the declared cash dividends until further notice for all TECH’s preferred shares as part of the company’s strategy to manage liquidity and to preserve its resources to ensure long-term sustainability of its business,” Cirtek said in a disclosure to the stock exchange.
Cirtek said, however, it remained committed to meeting its obligations.
It assured the shareholders of preferred shares that all dividends due and any arrears caused by the suspension would be paid at a later date to be determined by the company.
It said the decision affects all classes of the company’s preferred shares, including preferred A shares (unlisted), preferred B-1 shares (unlisted), preferred B-2 subseries A shares (TCB2A), preferred B-2 subseries B shares (TCB2B), preferred B-2 subseries C shares (TCB2C), and preferred B-2 subseries D shares (TCB2D).
The board of Cirtek approved the declaration of cash dividends for the preferred shares last month to be paid on certain dates.
Cirtek, through its subsidiaries is primarily engaged in manufacture and sale of semiconductor packages as an independent subcontractor for outsourced semiconductor assembly, test and packaging services; manufacture of value-added, highly integrated technology products; and design, development, and delivery of the wireless industry’s most advanced high-efficiency, high-performance antenna solutions.
Cirtek’s stock closed lower by 1.74 percent to P1.13 Monday.
