SFA Korea sets P455 million tender offer

MANILA, Philippines — SFA Semicon Co. Ltd. of South Korea (SSK) is gearing up for a P454.8 million tender offer for the shares of listed SFA Semicon Philippines Corp.

In a stock exchange filing, SFA Semicon Philippines said parent company SSK has published its intent to conduct a tender offer to acquire 204.88 million common shares of the listed firm at P2.22 apiece.

This is equivalent to around 10.02 percent of the company’s total issued and outstanding capital stock.

The tender offer is in connection with the proposal of SFA Semicon Philippines to file a petition for voluntary delisting from The Philippine Stock Exchange Inc.

SSK said the tender offer would be launched as soon as stockholders approval on the voluntary delisting of SFA Semicon Philippines is obtained in a special stockholders’ meeting of the company on Oct. 11.

SSK will need to obtain a total of at least 95 percent of the total outstanding common shares of SFA Semicon Philippines or such percentage as the PSE may allow the voluntary delisting.

Formerly known as Phoenix Semiconductor Philippines Corp., SFA Philippines has been listed with the PSE since December 2014.

The company is primarily engaged in the construction and operation of a plant to manufacture, assembly and warehousing of semiconductor and memory devices.

It is one of the largest semiconductor companies and biggest exporters in terms of dollar revenues in the Clark Freeport Zone in Pampanga.