Phoenix Semiconductor Philippines Corp. (PSPC) will now be called SFA Semicon Philippines Corp.
That’s according to a corporate disclosure submitted by the company to the Philippine Stock Exchange (PSE) on Monday, February 20, 2017.
PSPC, a publicly-listed manufacturer of semiconductors, resolved to change its company name to SFA Semicon Philippines Corp. “in keeping with the intention of the parent company SFA Semicon and its major shareholder SFA Engineering Corp., to align the latter’s corporate identity with its affiliated businesses.”
PSPC is a wholly owned subsidiary of South Korea-based STS Semiconductor and Telecommunications Co., Ltd. and had its initial public offering (IPO) in the Philippines in 2014.
The company raised P468 million from its IPO and the proceeds were used primarily to develop a memory card packaging production line within the Clark Freeport zone in Pampanga.
In April 2016, PSPC’s parent company STS Semiconductor and Telecommunications Co., Ltd. changed its name to SFA Semicon after SFA Engineering Corp. acquired a 45.5% majority stake in the company.
The change in the name of the Philippine subsidiary is meant to align the corporate identity worldwide.
PSPC, now SFA Semicon Philippines Corp., started commercial operations in the Philippines in 2011 and produced memory chips for computers, dynamic random access memory (DRAM), and Samsung-branded memory secured digital (SD) cards.
The company counts South Korean consumer electronics giant Samsung Electronics as one of its biggest clients.
From January to September 2016, PSPC (now SFA Semicon Phils. Corp.) suffered a 50% decrease in net income from $12.08 million to to $6.02 million. Revenues also declined 31% year-on-year after demand for semiconductors weakened due to market saturation and the exploding Samsung Galaxy Note 7 debacle by PSPC’s main customer, Samsung Electronics.