Concepcion firm now listed in NY

Food and beverage company RFM Corp. announced the completion of the initial public offering of subsidiary PSi Technologies Holdings Inc., the first Philippine company to be listed and traded in the tech-heavy US-based NASDAQ.

RFM president and chief operating officer Jose Concepcion III said the public offering involves 3.5 million American depository shares priced at $16 per share.

"This an important event in Philippine industry as PSi begins to tap the US market during its longest bull run in modern times," Concepcion said. "PSi's listing is an announcement to the world that there are world-class companies in the Philippines, which is now emerging as the world's newest hub for semiconductor assembly and test services.

Trade and Industry Secretary Mar Roxas said the listing "signals that the country can be competitive in a very technical and exacting industry."

"This implies getting access to capital which is sorely needed to finance future growth and development," he said. "I hope similar companies will consider listing in NASDAQ."

The underwriting for the PSi offering was lead-managed by Chase H&Q with Robertson Stephens and Thomas Weisel Partners serving as co-managers.

All of the shares were offered by the semiconductor export company, which will be trading under the listing "PSIT."

Representatives of the underwriters have the option of purchasing an additional 525,000 shares to cover over-allotments.

After the completion of the listing, RFM will hold approximately 4.7 million shares, or approximately 37 percent of PSi's common stock. Concepcion will continue to be the chairman of the company with semiconductor industry veteran Arthur Young Jr. as president and chief executive officer.

RFM first invested in PSi as a minority in the late 1980s when it was still known as Pacific Semiconductors Inc., and became majority owner in 1995.

PSi is a leading provider of comprehensive package design, assembly and test services for power semiconductors used in telecommunications, computer peripherals, electronics, automotive systems and industrial products.

As a result of its universal use, power semiconductors now cater to a $12.4-billion market. The Philippine electronics sector, which has consistently accounted for about 70 percent of total exports, shipped out some $25 billion worth of electronics last year.