SFA Semicon Philippines Corp. sought the clearance of the Philippine Stock Exchange to conduct a month-long tender offer that would cover 204.9 million shares as part of its plan to delist.
The tender offer will run from 14 October through 12 November.
The listed semiconductor manufacturing unit of South Korea’s Semicon Co. Ltd. will buy the target shares, representing a minority 10 percent stake, at P2.22 each.
SFA Semicon said it has secured the required two-thirds vote of shareholders at a special meeting on Friday, 11 October, in favor of delisting that is now planned on 12 December.
The company sought the delisting due to lack of liquidity, market undervaluation and minimum public float.
