MANILA, Philippines — SFA Semicon Philippines Corp. (SSP) is set to push through with its voluntary delisting from the Philippine Stock Exchange (PSE) following the successful completion of a tender offer by its parent company SFA Semicon Co. Ltd. (SFA Korea).
The listed semiconductor company said that a total of 192.77 million common shares, which represent approximately 9.43 percent of the company’s total issued and outstanding shares, were validly tendered to and accepted by SFA Korea during the tender offer period from Oct. 14 to Nov. 12.
SSP said the tendered shares were crossed by way of a special block sale through the facilities of the PSE on Nov. 21, which caused the minimum public float of the company to fall to approximately 0.59 percent.
SFA Korea, which previously held 89.98 percent stake in SSP, raised its stake to 99.41 percent of the listed company’s total issued and outstanding common shares.
“In this regard, one of the requirements for voluntary delisting as set out in the relevant PSE rules is that the person proposing the delisting must show to the exchange that following the acquisition of the tendered shares, said person(s) have obtained a total of at least 95 percent of the issued and outstanding shares of the listed company,” SSP said.
The PSE has implemented a trading suspension on the shares of SSP following the execution of the block sale due to non-compliance with the rule on minimum public ownership requirement.
“Pursuant to the amended rule on minimum public ownership of the exchange, listed companies which become non-compliant with the minimum public ownership shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period,” the PSE said.