SFA Semicon, one the country’s largest semiconductor companies and the biggest exporter iin the Clark Freeport Zone, prepares for its voluntary delisting.
Tender offer for publicly-held shares of SFA Semicon Philippines Corp. will start today, October 14 and will end November 12 as part of the voluntary delisting of the tech firm.
Trade of SFA Semicon shares will be suspended today.
In last week’s special stockholders, 90.586 percent of the company’s owners approved of the plan for voluntary delisting.
SFA Semicon said the delisting is subject to its mother company SFA Semicon Co. Ltd.’s (SFA Korea) completion of the tender offer for the publicly-owned 10.01 percent shares and after obtaining the necessary stake to effect a voluntary delisting.
SFA Korea currently owns 89.98 percent of SFA Semicon’s 2.16 billion issued shares.
SFA Semicon said no shareholder voted against the proposal for voluntary delisting.
SFA Korea is offering to buy the publicly-owned shares at P2.22 apiece.
The delisting will cap SFA Semicon’s history in the Philippine Stock Exchange when it raised P1.02 billion through an initial public offering in November 2014 when it was still named Phoenix Semiconductor Philippines Corp. It sold shares at P3.15 per share.
SFA Semicon is one the country’s largest semiconductor companies and the biggest exporter in terms of dollar revenues in the Clark Freeport Zone in Pampanga.
Its facility serve as an exclusive outsourced semiconductor assembly and test (OSAT) facility for the assembly and test of DRAM memory modules, memory component chips, memory solutions and SD flash cards for its customers through SFA Korea.
