SFA Semicon Philippines Corp. (SSP) has set Dec. 12 as the tentative date for its planned voluntary delisting after the completion of a tender offer by its South Korea-based parent company, SFA Semicon Co. Ltd. (SFA Korea).
“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 Philippine Stock Exchange (PSE) dated Nov. 22 but disclosed on Monday.
SSP sent a letter to the PSE regarding the completion of the tender offer by its parent company.
The tender offer, which ran from Oct. 14 to Nov. 12, saw 192.77-million common shares that were validly tendered, equivalent to 9.43% of SSP’s total issued and outstanding shares.
The tendered shares were purchased by SFA Korea at P2.22 apiece, totaling P427.96 million.
“The tendered shares were crossed through the PSE on Nov. 21, 2024, upon approval by the PSE of a special block sale of the tendered shares, and settlement occurred on Nov. 22, 2024,” SSP said.
SFA Korea now owns 2.03-billion common shares after the tender offer and the settlement of the block sale, increasing its shareholding to 99.41% from the previous 89.98% stake.
The block sale caused SSP’s minimum public float to fall to about 0.59%.
“The bidder’s (SFA Korea) resulting shareholding has exceeded the threshold required to complete the voluntary delisting,” SSP said.
SSP announced its voluntary delisting plan in August. The company raised P468 million from its initial public offering in December 2014 to expand the first phase of its production plant at Clark Freeport in Pampanga.
The company, previously known as Phoenix Semiconductor Philippines Corp., is involved in the manufacturing and assembly of semiconductors and memory devices.
Trading of SSP shares has been suspended since Nov. 21 following the execution of the block sale.
The company’s shares were priced at P1.57 apiece as of Nov. 20. — Revin Mikhael D. Ochave