SFA Semicon Philippines Corp. said its mother company SFA Semicon Co. Ltd. (SFA Korea) is offering to buy publicly-owned shares at P2.22 apiece, in a move to delist the semiconductor assembly and test company from the Philippine Stock Exchange (PSE).
Trade of SFA Semicon shares is currently suspended.
SFA Semicon said the tender offer price is higher than the highest valuation of the company as determined by RG Manabat and Co., as well as the one-year volume weighted average price of its shares immediately preceding the announcement of the tender offer.
SFA Semicon said the filing of the petition to delist will depend on the shareholders’ approval of the delisting plan, and SFA Korea obtaining 95 percent ownership of the company post tender offer, or any threshold that the PSE will allow to enable the delisting.
SFA Korea currently owns 89.98 percent of its 2.16 billion issued shares. If it pushes through, the delisting will cap SFA Semicon’s history in the PSE when it raised P1.02 billion through an initial public offering in November 2014, when it was still named Phoenix Semiconductor Philippines Corp.
SFA Semicon is one the country’s largest semiconductor companies and biggest exporters in terms of dollar revenues in the Clark Freeport Zone in Pampanga.
Its facility serves as an exclusive outsourced semiconductor assembly and test 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.
