Chipmaker SFA Semicon exiting PSE

SFA Semicon Philippines is set to exit the Philippine Stock Exchange (PSE) by Dec. 12 after completing a P427.96-million tender offer in relation to its voluntary delisting.

In a disclosure on Monday, the chipmaker said the tender offer period ran from Oct. 14 to Nov. 12. It involved 192.77 million common shares which represent 9.43 percent of issued and outstanding stocks.

The tender offer was priced at P2.22 apiece, which is 30 percent below its initial public offering (IPO) price of P3.15 in December 2014.

Following the exercise, the controlling stockholder of SFA Semicon now owns over 2.03 billion common shares. Its shareholding has increased to 99.41 percent from 89.98 percent.

With public float dropping below the 10-percent minimum requirement, the company has qualified for voluntary delisting.

SFA Semicon said voluntary delisting would “expedite the decision-making process of the company and will allow it to be more flexible in the implementation of corporate activities, thereby continuing to develop and maintain the company’s competitiveness.”

The chipmaker is the third company to exit the stock market this year after Premium Leisure Corp. and Cebu Holdings Inc.

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On the other hand, three IPOs were launched this year: OceanaGold Philippines Inc., Citicore Renewable Energy Corp. and NexGen Energy Corp.

Cebu-based fuel retailer Top Line Development Corp., which was supposed to be the fourth, has moved its stock market debut to the first quarter of 2025 to accommodate potential institutional investors.

PSE targeted to have six IPOs this year but high interest rates and market volatility had turned off companies.