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SEMICONDUCTOR assembly and test company SFA Semicon Philippines Corp. (SSP) announced that its board of directors approved the implementation of a share buyback program of up to P130 million of the company's common shares.
The program will be funded by retained earnings using cash generated from revenues which aims to enhance shareholder value and to display confidence in SSP'S value and prospects through the repurchase by SSP of its own shares of stock.
"The Board's decision reflects the company's faith in the underlying value of its stock, in its value and future prospects, as well as in the sustainability of the Philippines as an investment host," SSP Board Chairman Im Dong Hwan said.
In addition, the program will not involve any active solicitation from the stockholders and will be implemented in the open market through the trading facilities of the Philippine Stock Exchange. Purchased shares will be booked as treasury shares.
Im expressed hope that the general market will realize the underlying value of SSP shares as an investment and that the PSE will experience a recovery in the medium-term pending the resolution of global geopolitical tensions and uncertainties.
SSP is Clark Freeport Zone's leading exporter of semiconductors with an aggregate export shipment value of $4.16 billion in 2021. It reported gross revenues of $347.02 million and net income of $12.74 million at the end of last year.
Its stock price closed on Friday at P1.16 per share.
SOURCE: https://www.manilatimes.net/2022/07/03/business/top-business/ssp-oks-share-buyback-program/1849551
