Philippines: Cirtek okays acquisition of tech promoter Multiplay

Visual from Cirtek's website

Cirtek Holdings Philippines Corp is set to acquire a 49 per cent stake in Multipay Corp, a local marketing company of technology products.

Cirtek disclosed on Friday (December 29) that its board of directors approved the acquisition of 44,100 or 49 per cent of Multiplay’s total issued and outstanding capital stock.

Cirtek’s board has delegated to management the authority and power to negotiate with seller David Almirol Jr, and to enter into definitive agreements.

Multiplay is engaged in the business of development, promotion, and marketing of technology, systems solutions, and applications that can be utilized as platform for connectivity, processing, and delivery of electronic services.

“The planned acquisition is in line with the company’s strategy to expand its business and leverage on its accumulated expertise in technology, particularly in the wireless/broadband transmission business and e-commerce,” Cirtek said in its statement.

Cirtek added it also plans to make meaningful acquisitions designed to gain expertise and access to proprietary software technologies and content, which will improve its capability in creating and providing e-commerce platforms and enterprise solutions that are applicable to various industries, such as financial services, communications, and retailing.

The Philippine-listed company is the holding firm of Cirtek Electronics Corp (CEC), and Cirtek Electronics International Corp (CEIC), or collectively the Cirtek Group.

Cirtek believes its ability to become not only a manufacturing-centered business, but also a technology and software-focused enterprise, will allow it to offer a wider range of products and services to its clients, to continuously enhance its product portfolio, and to expand its market reach, not only to existing customers but to new consumers as well.

Cirtek’s trading price increased P0.450 or 0.99 per cent to close at P45.95 per share on Friday, the last trading day in the Philippine Stock Exchange for 2017.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.