SFA Semicon gets P57-M reimbursement

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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).

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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 investments,” SSP said.

Formerly Phoenix Semiconductor Philippines Corp., SSP is engaged in the manufacture, assembly, testing and warehousing of semiconductor and memory devices and applications and related 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.

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