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MANILA, Philippines - Newly-listed firm Phoenix Semiconductor Philippines Corp. (PSPC) will pursue with its bullish expansion plans in the Philippines following its successful debut in the local bourse yesterday.
PSPC, a local unit of South Korean semiconductor giant STS Semiconductor & Telecommunications Co. Ltd., yesterday became the first Korean company to list in the local stock exchange.
Its stock opened at P3.40 and finished at the same level as its offering price. The firm was able to raise P1 billion from the sale of 459.39 million shares at P3.15 each.
With funds now in place, PSPC chief finance officer Kim Dongjoo said the company would start next year with the expansion of its manufacturing plant in Clark Freeport Zone in Pampanga.
Dongjoo said the firm is investing $173 million for the expansion program which would boost the existing plant’s production capacity by 70 percent.
PSPC is embarking on the expansion of its facility in hopes of widening its customer base to non-Samsung companies.
The company manufacturing plant at present serves only the requirements of Samsung Electronics Co. Ltd. and its customers.
Dongjoo said PSPC is currently in talks with two to three American companies and a Japanese firm as potential new clients.
He said a third phase of expansion is also being looked at in the next three to five years as the company continues to remain confident in what the Philippines has to offer in the manufacturing industry.
“We are 30 percent cheaper than Chinese manufacturing, with labor cost as the major reason. The Philippines has very competitive points,” Dongjoo said.