Pampanga—(PHStocks)—Listed company Phoenix Semiconductor Philippines Corp. (PSE: PSPC) announced today that its parent company, STS Semiconductor and Telecommunications Co. Ltd, has been renamed SFA Semicon Co. Ltd (SFA Semicon).
The change in corporate name was arrived at by the SFA Semicon’s board of directors in its meeting March 30, 2016 which likewise disclosed the decision to the Korean Stock Exchange. The new name is in conjunction with and was made to reflect the majority ownership of the SFA Engineering Corporation which now holds 45.54% equity shareholding of STS Semiconductor & Telecommunications Co. Ltd.
In the disclosure to the Korean Exchange, the company took note that the acquisition of the majority stake in the former STS was aimed to improve operating efficiencies and create synergy and avail of greater opportunities in the global semiconductor industry.
STS owns about 85% of PSPC, one of the country’s largest exporters of semiconductor products with more than $2.1 billion in export value sales in 2015. PSPC specializes in the contract assembly, packaging and test of memory modules, chips and branded memory cards for Samsung Electronics of Korea.
SFA Engineering Corporation is a manufacturer of automated production equipment for the semiconductor industry. It produces flat panel display (FPD) manufacturing equipment, semiconductor assembly, packaging and test equipment and factory automation equipment, robotic assembly systems, factory logistics systems and other specialized machines.
SFA Engineering boasts of revenues of 526.06 billion Korean won (about $464.93 million), net income after tax of 30.84 billion Korean won (about $27.25 million) and total assets of 1.19 trillion Korean won (about $1.01 billion) in 2015. It is listed on the Korea Stock Exchange, and has been named by Forbes magazine as among the Top 200 emerging companies in Korea, which noted the sales and EPS growth of more than 20% annually in the last three years.
The balance of the 54.46% ownership of the former STS is in the hands of public investors. The Bokwang group has retained a minority interest.