SFA Semicon Philippines Corp. (SSP) is moving closer with its plan to voluntarily delist its shares from the Philippine Stock Exchange, as its public float fell below the minimum threshold of 10 percent following a tender offer.
SSP said in a disclosure to the stock exchange Friday its parent firm SFA Semicon Co. Ltd. (SFA Korea) acquired 192,772,951 million common shares held by minority investors, which represents about 9.43 percent.
The transaction increased SFA Korea’s ownership in SSP to 99.41 percent from 89.98 percent,
SSP’s public float, however, declined to 0.59 percent, below the minimum requirement by the Philippine Stock Exchange on continued listing.
The tender offer commenced on Oct. 14, 2024 and ended on Nov. 12, 2024. The 192,772,951 million tendered shares, priced at P2.22 apiece, were crossed via a special block sale through the facilities of the PSE Thursday.
The PSE suspended the trading of SSP following the disclosure.
“Pursuant to the amended rule on minimum public ownership of the exchange-listed companies which become non-compliant with the minimum public ownership ‘shall be suspended from trading for a period of not more than six months and shall be automatically delisted if it remains non-compliant with the MPO after the lapse of the suspension period,” the PSE said. Jenniffer B. Austria
SSP is one the country’s largest semiconductor companies and the biggest exporters in terms of dollar revenues at the Clark Freeport Zone in Pampanga.
The company is one of the major technology employers in the freeport.
Shareholders of SFA approved in October the company’s plan to voluntarily delist its shares from the PSE. SSP will be the third company to voluntarily delist its shares from local bourse this year.
Cebu Holdings Inc. of Ayala Land Inc. was delisted in March, while Premium Leisure Corp., the gaming investment firm of the Sy family, was delisted in July.
