Music absorbs semiconductor unit

Music Corp. is absorbing the operations of its wholly-owned subsidiary Music Semiconductors Phils. Inc. (MSPI), the company told the Philippine Stock Exchange.

Music said its planned merger with MSPI is subject to the approval of its stockholders and the relevant regulatory agencies.

Music’s board of directors also approved the change in name of the corporation to Music Semiconductors Corp. and the amendment of its primary purpose to manufacturing from that of a holding firm. The board likewise agreed to raise $1 million in additional capital for the company.

Music was formerly Music Semiconductors Corp. (an acronym for Multi User Specialty Integrated Circuits). It was incorporated in the Philippines in January 1992 as a subsidiary of MUSIC NV (its Dutch parent).

MUSIC NV is located in the Netherlands, where it was founded in late 1989. In November 1993, MUSIC Corp. became the parent company as a result of the acquisition of a major stake in the company by Asian investors and an exchange of shares by existing shareholders.

On July 14, 1999, the SEC approved the change in the primary purpose of business of the company from that of engaging in the business of manufacturing of integrated circuits, circuit boards and other related products, accessories and services to that of a holding company investing directly or indirectly in companies or activities in the technology industry including networking, telecommunications and the Internet.