MANILA, Philippines – Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate intends to raise up to P3 billion from the proposed sale of common shares through a follow-on offering.
In a disclosure to the Philippine Stock Exchange, IMI said its board of directors has approved the issuance and public offering of up to 215 million common shares, with an over-allotment option for 85 million shares, at an offer price of P10 each.
“The offer shares and additional offer shares will have the same rights attached to the common shares being held by our existing common stockholders,” IMI said.
The Ayala-led listed firm said proceeds from the offering would be used to finance capital expenditure, business expansion, refinancing and working capital requirements.
BPI Capital Corp. is tasked to be the issue manager and lead underwriter for the transaction.
IMI was able to secure last April the regulator’s approval to postpone its public share sale for another year as it waits for the right market timing.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
The firm listed by way of introduction in 2010, allowing it to postpone a public share sale. The company, however, was penalized for failing to sell shares beyond the leeway.
IMI, a provider of electronics manufacturing services (EMS) and power semiconductor assembly and tests services, has existing factories in the Philippines, Mexico, Bulgaria, Germany, China Japan and France.
The firm is expecting a double-digit income and revenue growth this year as it serves more energy, mobility, power, healthcare, industrial and security firms.