LISTED semiconductor maker Phoenix Semiconductor Philippines Corp. (PSPC) said on Monday it has secured the approval of the Securities and Exchange Commission (SEC) to change its corporate name to SFA Semicon Philippines Corp. (SSP) effective May 25.
In a disclosure to the Philippine Stock Exchange (PSE), PSPC said the name change is 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 jumped by more than 15 percent on account of the recovery in the US and China markets, with memory products such as dynamic random access modules (DRAM) and NAND flash leading the way.
The corporate name change was earlier ratified by its stockholders during the company’s annual meeting last April 21.
“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.
PSPC is likewise seeking the approval of the PSE to change its market trading symbol from PSPC to “SSP.”
The change in corporate name, however, will not yet be reflected on the PSE’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.
PSPC produced a total of 162 million units of memory devices in the first quarter of the year, a 7 percent increase from the 152 million units produced in the same period last year.
PSPC also reported that its $75-million Phase 2 manufacturing facility, which started construction in January, is now about 46 percent complete and is on track for completion by August this year.
The new facility will serve more clients other than its exclusive facility client Samsung Electronics.
“Once fully operational, PSPC will employ another 1,500 production floor employees and support staff for its Phase 2 semiconductor assembly, packaging and testing facility,” the company said.
The company currently produces memory devices and chips that are used in PCs, servers, laptops, smart phones and other mobile products.