SEC Approves Change of Corporate Name of PSPC

Clark Freeport Zone, Pampanga—(PHStocks)—The Securities and Exchange Commission (SEC) approved the change in corporate name of Phoenix Semiconductor Philippines Corp (PSE: PSPC) to SFA Semicon Philippines Corp. (PSE: SSP) effective May 25, 2017.

The corporate name change was earlier ratified by the Company’s stockholders during the annual meeting held last April 21 and the amended Articles and By-Laws were submitted to the SEC for approval. In line with the development, it also announced that it plans to seek the approval of the Philippine Stock Exchange for the change in its stock market trading symbol from PSPC to SSP. The change in corporate name of Phoenix Semiconductor Philippines Corp. (PSPC) to SFA Semicon Philippines Corp. will not yet be reflected on the Exchange’s trading system pending submission by the Corporation of the procedures for updating its stock certificates, in accordance with the Exchange’s Policy on Updating Stock Certificates.

“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 said.

He added that this strategic decision augurs well for the Company in line with the SFA Group’s objective to expand its footprint in the global semiconductor industry coupled with the strong industry recovery in the first few months of 2017. The Semiconductor Industry Association (SIA) reported that year-on-year worldwide monthly sales leaped by more than 15% on account of the recovery in the US and in China markets, with memory products like DRAM and NAND flash leading the way.

SFA Philippines announced gross revenues of US$50.08 million in the first three months of 2017, up 22% from the US$41.05 million in the same period last year. The strong revenue growth is 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.

PSPC produced a total of 162 million units of memory devices in the first quarter, an increase of 7% from the 152 million output in the same period in 2016. Lee pointed out that the production output could have been higher if not for unexpected supply chain glitches in the raw materials (such as leads and printed circuit boards).

In line with the improved prospects, the Company also reported that the Phase 2 manufacturing facility whose construction was started in January is now about 46% complete, and that it is on track toward finishing construction not later than August 2017. The ramp-up of manufacturing equipment is programmed to be set up in time for trial productions for new clients in the fourth quarter of the year.

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