South Korea’s SFA Semicon Co. Ltd. will make a tender offer for stocks of its unit, SFA Semicon Philippines Corp., that it doesn’t own to pave the way for the voluntary delisting of the semiconductor company on the Philippine Stock Exchange.
SFA Semicon said it will offer P2.22 for each of the 204.9 million shares, which represent a 10.02 percent stake in SFA Philippines.
It said the tender offer will commence if shareholders of the PSE-listed firm approves the delisting during their general meeting on October 11.
SFA Philippines is one the country’s largest semiconductor companies and the biggest exporter in revenue terms at the Clark Freeport Zone in Pampanga. It is one of the major technology employers in the Freeport.
