SFA Semicon Philippines Corp. (SSP) announced that on Jan. 19, 2024, its board of directors approved the second additional funding for SSP’s share buyback program of up to P19,000,000 (or around US$345,454.55) worth of SSP’s common shares, and the corresponding further extension of the program under substantially the same terms and conditions.
The second additional funding of P19,000,000 brings the total funding allotted for SSP’s share buyback program since the start of its implementation to P222,000,000 (or about $4,197,306.40).
From the start of the program’s implementation on July 14, 2022 up to Dec. 31, 2023, SSP has repurchased a total of 105,034,000 of its own shares at a price ranging from of P1.21 to P2.36.
As of Dec. 31 the total acquisition cost for the share buyback is P185,597,696.10 (with P17,402,303.90 remaining from the then total funding). According to its website, SSP is a technology-oriented enterprise whose vision is to strive to become the world’s best semiconductor company. It started its commercial operations in February 2011 and has since been awarded as one of the top exporters within the Clark Freeport Zone.