The announcement follows the conclusion of the tender offer period, during which the company achieved the necessary share acquisition threshold to proceed with delisting.
Based on its disclosure to the bourse, SSP’s majority shareholder, SFA Semicon Co. Ltd., executed a tender offer to acquire outstanding shares from minority shareholders. The offer closed on Nov. 17, 2024, with the company securing sufficient participation to meet PSE’s delisting requirements.
Parent firm SFA Korea — which held 89.98 percent of the listed firm’s shares prior to the tender offer — now owns 99.41 percent of the outstanding shares after public investors representing 9.43-percent ownership sold their stakes back.
Trading of SSP shares on the PSE were halted as a result on Thursday, Nov. 21, 2024.
The move to delist was driven by strategic considerations aimed at optimizing SSP’s operational structure and financial strategy, the company said, explaining that the decision reflects its commitment to addressing challenges in the semiconductor industry while remaining agile in its operations.
Minority shareholders who participated in the tender offer received compensation for their shares at a price approved by the Securities and Exchange Commission (SEC), ensuring compliance with regulatory requirements.
The delisting process, which began earlier this year, involved obtaining necessary approvals from the PSE and SEC and fulfilling compliance obligations to protect shareholder interests.
SFA Semicon, a key player in semiconductor manufacturing, emphasized that delisting will enable it to focus on long-term growth and competitiveness without the pressures associated with public ownership.
As SSP transitions into a privately held company, it will continue operations in the Clark Freeport Zone, catering to global semiconductor clients while navigating a rapidly evolving market landscape.
