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Manila Bulletin devider Business devider The Stock Market devider PSE asked to suspend trading of SFA Semicon today

PSE asked to suspend trading of SFA Semicon today

Published Oct 13, 2024 09:55 pm

SFA Semicon Philippines Corporation (SSP) has asked the Philippine Stock Exchange (PSE) to suspend the trading of its shares from 9:00 am on Oct. 14 to 9:00 am of Oct. 15, 2024 to give the investing public time to absorb information related to the approval of its planned delisting.

The firm disclosed that, in a special stockholders’ meeting held on Oct. 11, 2024, stockholders owning at least two-thirds of SSP’s total outstanding and listed shares approved the voluntary delisting and no votes were cast by any shareholder against the planned delisting.

On Aug. 21, 2024, SFA Semicon Co. Ltd. (SSK), which owns approximately 89.98 percent of the total issued and outstanding capital stock of SSP, sent a Letter of Intent to SSP notifying it of SSK’s intention to make a tender offer for all the outstanding common shares of SSP owned by the other stockholders.

The tender offer is for the purpose of the voluntary delisting of SSP from the Main Board of the PSE and to request the relevant approvals for the voluntary delisting of SSP.

At a special Board meeting held on Aug. 21, 2024, all the members of the Board of Directors of the Company, including its two independent directors (which constitute all of its independent directors), approved the filing by the company of an application for the voluntary delisting.

This is subject to the approval of the stockholders of the company of the voluntary delisting; the completion of the tender offer by SSK; and the showing by SSK to the PSE that, following its acquisition of the tendered shares, SSK has obtained a total of at least 95 percent of the total issued and outstanding common shares of SSP or such percentage as the PSE may allow to effect the voluntary delisting. 

Following the stockholders’ meeting, the company received a notice from SFA Korea that the latter has filed its tender offer report with the Securities and Exchange Commission. 

SSP also received a copy of the tender offer report filed by SFA Korea. After this, SSP said it has filed with the PSE a petition for voluntary delisting.

“In view of the foregoing, and to ensure that the investing public would have equal access to the disclosed information, the Company requests for a voluntary trading suspension of its common shares for the whole day today, October 14, 2024,” said SSP.

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Philippine Stock Exchange SFA Semicon Philippines Corporation
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