SFA Semicon to roll out P455-M tender offer ahead of delisting

SFA Semicon Philippines notified the Philippine Stock Exchange on Tuesday that its major shareholder plans to buy out minority stockholders holding 10.18 percent, or 204.8 million shares, as part of its delisting strategy.

SFA Semicon Co. Ltd. of South Korea intends to launch a tender offer to acquire these shares, valued at P454.8 million or P2.22 per share. 

This tender offer is a mandatory step before SFA Semicon Philippines, trading under the symbol SSP, can voluntarily delist from the exchange.

SSP began commercial operations in February 2011 and has since been recognized as one of the leading exporters in the Clark Freeport Zone.

The company listed on Dec. 1, 2014 after selling shares priced at P3.15 each during its initial public offering.