Phoenix Semiconductor Philippines Corp (PSE:PSPC) is leading gainers in the opening trade at the Philippine Stock Exchange (PSE) today, with stock posting a 7.75% rise to 1.53 a share.
PSPC’s shares traded higher following the opening bell after the company announced on Thursday that it took payment of P33 million, representing part of its receivables of the company’s discounted electricity incentive under Presidential Executive Order No. 856 and its Lease Agreement with Clark Development Corporation (CDC).
In a disclosure to the PSE, Phoenix Semiconductor Philippines Corp (PSE:PSPC) said the amount is the fourth partial reimbursement of the government through CDC of the power discounts for electricity utilized and fully paid by PSPC since the commencement of its commercial operations in 2011.
“The discounted power rate program of the government supports power-intensive industries that pour in substantial investments in the country in order to the make the Philippines more attractive to foreign direct investments”, the company disclosed.
The collection will increase the company’s cash and cash equivalent by USD0.66 million.
PSPC’s stock opened at 1.42 a share and traded as high as 1.55 in the first hour of trading, representing a 5.63% gain. A total of 724,000 shares exchanged hands in early trading.
PSPC is engaged in the construction, ownership and operation of a plant for the manufacture, assembly, testing and warehousing of semiconductor and memory devices and applications and related products.
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PSPC provides turnkey solutions that include assembly, packaging and final testing of semiconductor devices.
The Company’s products go into various applications such as memory chips and devices for computers, laptops and servers, as well as micro SD cards for mobile phones. – BusinessNewsAsia.com