SFA Semicon plans to delist on December 12

MANILA, Philippines — Semiconductor company SFA Semicon Philippines Corp. (SSP) will bid farewell to the Philippine Stock Exchange (PSE) by next month, ending its 10-year run as a listed company.

SSP, which has been listed with the PSE since December 2014, targets to delist from the PSE on Dec. 12, 2024.

“We look forward to your favorable action on our petition to voluntarily delist the company by Dec. 12, 2024,” SSP said in a letter to the PSE.

SSP’s voluntary delisting comes following the successful completion of a tender offer by its parent company SFA Semicon Co. Ltd. (SFA Korea).

The tendered shares were purchased by SFA Korea at a price of P2.22 for a total consideration of P427.96 million.

SFA Korea, which previously held 89.98 percent stake in SSP, now owns approximately 99.41 percent of the listed company’s total issued and outstanding common shares.

SFA Korea has previously expressed plans to voluntarily delist SSP from the main board of the PSE after completion of the tender offer.

Subject to the approval of the exchange, all of the issued and outstanding common shares of SSP will be delisted from and will no longer be available for trading on the PSE.

SSP said that SFA Korea believes that the voluntary delisting will expedite the decision-making process of the company and will allow it to be more flexible in the implementation of corporate activities, thereby continuing to develop and maintain its competitiveness.

“Considering the weak share price performance and the low trading volume of the company’s common shares in the market, the tender offer, which is required to be able to do the voluntary delisting, could give the company’s public stockholders a reasonable exit opportunity,” it said.

SSP 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.