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MANILA - Greenergy Holdings Inc. is beefing up its semiconductor business before it lists at the Philippine Stock Exchange.
Antonio Tiu, Greenergy Holdings chairman and chief executive officer, said in a text message that its semiconductor unit Music Semiconductors Philippines Inc. is still keen on joining the local bourse through listing by way of introduction before the end of the year.
Listing by way of introduction allows a firm to enter the bourse without raising new capital prior to the initial listing of the company’s securities.
"We are waiting for the right timing while we are preparing the launch of second generation chips for [MSPI] to generate higher income," said Tiu.
Greenergy Holdings earlier targeted a March listing for MSPI, which manufactures integrated circuits.
Early last year, Greenergy Holdings, which was then named Musx Corp., decided to drop its plan to sell its 61-percent stake in MSPI after the local bourse revived the implementation of listing via introduction.
The former management of Musx had planned to divest its shareholdings in MSPI because of the high risk and capital-intensive nature of the business.
Musx was renamed Greenergy Holdings to reflect the company’s venture into the field of renewable energy after Tiu bought into the firm through a private placement transaction in 2010.
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