SFA Korea is offering to buy out minority stockholders at P2.22 per share, a 48 percent premium, based on the highest valuation from an independent report prepared by R.G. Manabat & Co., a stock exchange filing on Thursday showed.
Previously known as Phoenix Semiconductor, SSP shares closed at P1.50 each the previous day. The company has lost 32 percent of its value since the start of the year.
The company’s board of directors approved this plan, pending shareholder approval and SFA Korea acquiring at least 95 percent of the shares.
A special stockholders’ meeting is scheduled for Oct. 11, 2024, to finalize the delisting process. The company requested a temporary suspension of its stock trading on Aug. 22, 2024.
