Samsung Remains Committed to Partnership with PSPC
Pampanga—(PHStocks)—Phoenix Semiconductor Philippines Corp. (PSE: PSPC) said its parent company, STS Semiconductor and Communications Co. Ltd (STS), received a notarized official letter from Samsung Electronics Co. Ltd that confirmed its commitment to continue its business transactions with PSPC in line with its Business Transaction Agreement signed on 14 July 2010.
The letter was issued by Samsung last 19 June 2015 to assure STS that it will fulfill the said production contract with PSPC as a preferred outsourced semiconductor assembly and test (OSAT) provider for memory cards, chips and modules.
The letter, signed by Jae Hun Lee from Samsung’s TP Group, was in reaction to the joint administration proceedings undertaken by STS with its creditor banks as a result of the rehabilitation plan submitted by the latter’s affiliate, BKE&T Co. Ltd, whose loans it had guaranteed.
PSPC, which listed its shares in the Philippine stock market on 1 December 2014, is the leading exporter of semiconductor products in Central Luzon. It undertook a PhP1.02 billion initial public offering (IPO) to finance the expansion of its Samsung-dedicated manufacturing facility in Clark Freeport and to construct a second plant to cater to non-Samsung customers in the latter part of 2015.
The official translation was notarized by Baeksang Law Firm of Seoul, Korea and authenticated by the Philippine Consul to the Republic of Korea, Roderico C. Atienza.