Phoenix Semiconductor gets SEC approval for corporate name change

PHOENIX SEMICONDUCTOR Philippines Corp (PSPC) on Monday said it has secured the go-ahead from the Securities and Exchange Commission (SEC) to change its corporate name to SFA Semicon Philippines Corp.

In a disclosure to the stock exchange, PSPC said the name change took effect on May 25, after receiving the corporate regulator’s approval.

Stockholders had ratified the corporate name change during the annual meeting on April 21.

However, the new name will not be reflected yet on the Philippine Stock Exchange’s ( PSE) trading system, as the company has to submit the procedure for updating its stock certificates.

PSPC will also need to get the PSE’s approval to change its stock market trading symbol to SSP, from the current PSPC.

“The change in corporate name is reflective of the commitment of the SFA Group to make the new SFA Philippines the hub of its global semiconductor manufacturing,” PSPC President Byeongchun Lee was quoted as saying in a statement.

The SFA Engineering Group entered PSPC when it acquired controlling interest in the company’s South Korean parent company SFA Semicon Co. Ltd. (SSK) in 2015. SFA is an international engineering services provider and manufacturer of specialized automated and related production equipment for semiconductor and electronics corporations. In the first quarter of 2017, PSPC reported an 80% drop in net income after tax to $0.84 million from $ 4.24 million during the same period last year.

“The decrease in net income is attributable to the significant increase in raw materials and other manufacturing costs resulting to $47.73 million cost of goods sold from $ 35.82 million last year,” the company said in an earlier statement.

Gross revenues rose 22% to $50.08 million in the first three months of 2017, from the $41.05 million in the same period last year, due to “the increase in the sale of Flip Chip ball grid array DDR4 chips and new volumes from the Embedded MMC flash cards for smartphones and other mobile devices.”