9. Former name or former address, if changed since last report
Not Applicable
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares
2,165,024,111
11. Indicate the item numbers reported herein
Item 9. Other Events
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Phoenix Semiconductor Philippines Corp.PSPC
PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C) Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
PSPC to Change Corporate Name to SFA Semicon Philippines
Background/Description of the Disclosure
Clark Freeport, Pampanga. Phoenix Semiconductor Philippines Corp (PSPC) announced that its stockholders ratified the change in its corporate name to SFA Semicon Philippines Corporation and the pertinent amendment to its Articles of Incorporation and By-Laws.
The corporate name change, approved during PSPC’s annual stockholders’ meeting held on April 21, signifies the launch of the global strategy of its parent company, SFA Semicon Co. Ltd. of Korea (SSK), formerly STS Semiconductor Telecommunications Co. Ltd., (STS) which positions PSPC as the outsourced semiconductor assembly and test (OSAT) production hub of the SFA Group in Asia.
“The new PSPC shall leverage the global network and research and development strengths of the SFA Group to create synergies and bolsters its foothold in the semiconductor industry,” said PSPC President Byeongchun Lee. The SFA Engineering Group gained entry into PSPC when it acquired controlling interest in the Company’s parent firm, SSK in 2015.
SFA Engineering Corp. (SFA) is a leading international engineering services provider and manufacturer of specialized automated and related production equipment for semiconductor and electronics corporations. It has been listed by Forbes Magazine as one of Asia’s top corporations with market capitalization under US$1 billion.
SFA had annual revenues of US$ 1,137 million and total assets of US$ 1,245 million as of the end of 2016. Through SSK, the SFA Group has two other production centers, one in South Korea and one in China.
Mr. Lee reported that the Group shall focus its global OSAT production capacity in the Philippines through PSPC. The Company is currently completing the initial tranche of its Phase 2 Expansion project costing US$75 million to serve customers other than its exclusive Phase 1 facility client Samsung Electronics.
The Phase 2 facility shall start ramp-up of equipment by September for target trial production runs for customers before the end of 2017.
“Under its new strategic positioning, the Company shall be the Asian manufacturing hub to push the drive of the Group to offer OSAT services to the semiconductor and electronics companies around the world,” Mr. Lee declared. He added that he is confident that the Company will be able to close production contracts with customers within the first semester.
In June last year, PSPC signed with Samsung and SSK (its parent company) the agreement which renewed the existing partnership with Samsung for the production of memory modules and cards in its exclusive Phase 1 facility for three years, with automatic renewal for one year. Under the agreement, Samsung consigns critical semiconductor manufacturing and testing equipment to ensure conformance to stringent product quality standards and manufacturing efficiencies.
The Company posted gross revenues of US$171.82 million and net income after tax of US$6.42 million in 2016. Mr. Lee pointed out that it managed to post positive profits in a challenging year marked by the global uncertainties and continued lower PC sales and weak demand for mobile devices coupled by the industry migration of product formats to more advanced technology.
He reported that the prospects for the global semiconductor industry have improved, and that the Company is optimistic that it shall exceed 2016 revenue and earnings performance in 2017.
Upon proper filing of the amendment of its Articles and By-Laws with the Securities and Exchange Commission, the Company shall apply with the Philippine Stock Exchange the change in its ticker symbol from PSPC to SSP.
Phoenix Semiconductor Philippines Corp.PSPC