SFA Semicon Philippines Corporation (SSP) is targeting voluntary delisting from the Philippine Stock Exchange (PSE) on Dec. 12, 2024, following the successful tender offer by its parent company, SFA Semicon Co. Ltd. (SFA Korea), which resulted in ownership of 99.41 percent of SSP's outstanding capital.

SSP disclosed to the PSE its intention to voluntarily delist from the Main Board after the completion of the tender offer. Subject to PSE approval, all issued and outstanding common shares of the company will be delisted and will no longer be available for trading.

SSP stated that the voluntary delisting will expedite the company's decision-making process and allow for greater flexibility in implementing corporate activities, ultimately enhancing its competitiveness.

The PSE has suspended trading of SSP shares as it moves closer to delisting. This follows the completion of the tender offer by SFA Korea.

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 this 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 and initiated 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, also approved the application for voluntary delisting in a special meeting on Aug. 21, 2024.