SFA Semicon Philippines Corp. announced on Thursday that it has been informed by South Korea’s SFA Semicon Co. Ltd. of its intention to conduct a tender offer for all outstanding common shares of SFA Philippines.
This move is a precursor to the company’s voluntary delisting from the Philippine Stock Exchange.
SFA Korea has submitted to the PSE a request for approval to delist SFA Philippines voluntarily.
In preparation for this process, SFA Philippines has requested a trading suspension starting Thursday, 22 August, which will be lifted on 27 August.
The tender offer will be made at a price of P2.22 per share.
The tender offer price reflects either the highest valuation determined by a fairness opinion and valuation report dated 20 August 2024, prepared by R.G. Manabat & Co., or the volume-weighted average price of the shares over the year leading up to 21 August, the date of the issuance of the Letter of Intent.
The valuation was conducted in accordance with Philippine regulations.
The board of directors of SFA Philippines, including its two independent directors, has approved the filing for voluntary delisting, pending shareholder approval.
The delisting will also depend on the successful completion of the tender offer and SFA Korea demonstrating to the PSE that it has acquired at least 95 percent of the total outstanding common shares of the company, or such percentage as the PSE may permit.
The voluntary delisting is set to follow these procedures, subject to necessary approvals and conditions.
