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Manila Bulletin devider Business devider The Stock Market devider SFA Semicon moves closer to delisting, trading of shares suspended

SFA Semicon moves closer to delisting, trading of shares suspended

Published Nov 22, 2024 02:19 am

The Philippine Stock Exchange (PSE) has suspended trading of shares of SFA Semicon Philippines Corporation (SSP) as it moves closer to voluntary delisting after the completion of a tender offer by its parent company, SFA Semicon Co. Ltd. (SFA Korea), which resulted in ownership of 99.41 percent of SSP.

During the tender offer, SFA Korea acquired 192.77 million SSP shares at P2.22 per share, totaling P428 million. This represents 9.43 percent of the company's shares and was executed through the PSE on November 21, 2024.

SFA Korea previously held an 89.98 percent stake in SSP. With the acquisition, its ownership now stands at 99.41 percent, leaving only 0.59 percent of shares in public hands.

This triggered the PSE's trading suspension of SSP shares due to non-compliance with the minimum public ownership requirement of at least 10 percent.

The PSE stated,  “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.’”

SSP had previously disclosed SFA Korea's plan for voluntary delisting, initiating the tender offer to allow public shareholders an exit opportunity.

With the completion of the tender offer, SSP has fulfilled the PSE's requirement for voluntary delisting: "[t]he person proposing the delisting must show to the Exchange that following the acquisition of the tendered shares, said person(s) have obtained a total of at least 95 percent of the issued and outstanding shares of the Listed Company."

Shareholders approved the voluntary delisting plan in a special stockholders' meeting on Oct. 11, 2024, with no votes cast against it. SSP's Board of Directors, including its two independent directors, had also approved the application for voluntary delisting in a special meeting on August 21, 2024.

Following the stockholders' meeting, SFA Korea notified SSP of its filing of a Tender Offer report with the Securities and Exchange Commission. Subsequently, SSP filed a petition for voluntary delisting with the PSE.

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