December 10, 2024 | 12:00am
MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has approved the voluntary delisting of semiconductor company SFA Semicon Philippines Corp. (SSP).
The PSE said it has ordered for the delisting of the company’s shares from the official registry of the exchange effective Dec. 12.
SSP, which applied to voluntary delist from the PSE, will end its 10-year run as a listed company.
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.
The company’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 previously expressed plans to voluntarily delist SSP from the main board of the PSE after completion of the tender offer.
SSP said that SFA Korea believes that the voluntary delisting would expedite the decision-making process of the company and would allow it to be more flexible in the implementation of corporate activities, thereby continuing to develop and maintain its competitiveness.
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