The approval, with stockholders owning 90 percent of shares in favor, is contingent on SFA Semicon Co. Ltd. (SSK) completing a tender offer for the remaining shares not owned by SSP’s board.
To finalize the delisting, SSK must acquire at least 95 percent of SSP’s total outstanding shares, or an alternative percentage approved by the PSE. No shareholders voted against the proposal.
SFA Semicon Philippines previously announced that its major shareholder, SFA Semicon Co. Ltd. of South Korea, plans to buy out minority stockholders holding 204.8 million shares, or 10.18 percent, as part of its delisting strategy.
The tender offer, priced at P2.22 per share and valued at P454.8 million, is a required step for SSP’s voluntary delisting.
SSP, which began operations in February 2011, is a key exporter in the Clark Freeport Zone.
