Clark-based semiconductor company delisting shares from stock market

SFA Semicon Philippines Corp. (SSP) said Thursday it is voluntarily delisting its shares from the Philippine Stock Exchange.

SFA Semicon Co. Ltd. will acquire all outstanding common shares in the company it did not own at P2.22 per share, the company said in a disclosure to the stock exchange.

SSP said the P2.22 per share acquisition price is the highest valuation of the company’s shares based on the fairness opinion and valuation report prepared by R.G. Manabat & Co.

Following the disclosure, SSP requested for a voluntary trading suspension of its common shares to give the investing public time to absorb the disclosed information. The share price of SSP closed at P1.50 on Wednesday.

The company has public float of 10.01 percent with 204.662 million common shares being held by minority investors. At P2.22 per share, SFA Korea will spend P454.34 million to acquire all shares held by minority investors.

The board approved the filing of an application for the voluntary delisting subject to shareholders approval and conduct of a tender offering during a special meeting held on Wednesday.

“The company intends to file with the PSE the petition for voluntary delisting, and SFA Korea intends to launch the tender offer in support of the petition for voluntary delisting, as soon as stockholders’ approval on the voluntary delisting is obtained by the company,” SSP said.

The company will conduct a special stockholders’ meeting on Oct. 11, 2024, with record date of Sept. 6, 2024.

SSP is a majority-owned subsidiary of SFA Korea and a part of the SFA Engineering Group of South Korea. SSP is one the country’s largest semiconductor companies and the biggest exporters in terms of dollar revenues in the Clark Freeport Zone in Pampanga.

The company is one of the major technology employers in the Freeport. Jenniffer B. Austria

SSP posted a net loss of $3.13 million in the first half of 2024, a turnaround from $3.16 million net income recorded in the same period last year.

Revenues reached $105.7 million, slightly lower than $119.35 million posted a year ago.

SSP will be the second company to voluntarily delist its shares on the local bourse this year, after Premium Leisure Corp., the gaming investment firm of the Sy family which delisted its shares in July.