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.
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.