SFA Semi­con gets P57-M re­im­burse­ment

Manila Times - - CORPORATE NEWS - JORDEENE LAGARE

LISTED chip­maker SFA Semi­con Philip­pines Corp. ( SSP) has re­ceived P57.04 mil­lion from the gov­ern­ment, rep­re­sent­ing a por­tion of its re­ceiv­ables from the dis­counted elec­tric­ity ini­tia­tive un­der Ex­ec­u­tive Or­der No. 856 and un­der its lease agree­ment with Clark Devel­op­ment Corp. ( CDC).

In a dis­clo­sure to the Philip­pine Stock Ex­change, SSP said the amount is a par­tial re­im­burse­ment by the CDC for elec­tric­ity uti­lized and fully paid by the com­pany since it started its op­er­a­tions in 2011.

It said the re­im­burse­ment would in­crease its cash and cash equiv­a­lents by about $ 1.11 mil­lion.

“The dis­counted power rate pro­gram of the gov­ern­ment sup­ports power-in­ten­sive in­dus­tries that pour in sub­stan­tial in­vest­ments in the coun­try in or­der to make the Philip­pines more at­trac­tive to for­eign direct in­vest-

For­merly Phoenix Semi­con­duc­tor Philip­pines Corp., SSP is en­gaged in the man­u­fac­ture, assem­bly, test­ing and ware­hous­ing of semi­con­duc­tor and mem­ory de­vices and ap­pli­ca­tions and re- lated prod­ucts. It is unit of SFA Semi­con Co., Ltd., which is one of the en­ti­ties un­der the SFA Group of South Korea.

SSP shares ended up 0.81 per­cent at P2.48 on Fri­day.

PHOTO FROM THE SSPC WEB­SITE

Head­quar­ters of SFA Semi­con Philip­pines Corp. in Clark Freeport.

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