IMI plans to raise $100M

Ayala-led Integrated Micro-Electronics Inc. (IMI) plans to raise up to $100 million in fresh funds for expansion by selling new shares to existing shareholders.

In a disclosure posted by the Philippine Stock Exchange on Monday, IMI said its board had approved a resolution to conduct a rights offering of common shares to all eligible shareholders.

Determination of the final terms and conditions of the rights issue—including but not limited to the final issue size, entitlement ratio, offer price, record date, and the final parties —has been delegated to IMI’s management, for final approval by the executive committee.

“IMI is conducting the rights issue in order to support the growth and strategic initiatives of IMI. This includes business expansions and strategic investments,” the disclosure said.

“The rights issue will ensure the financial flexibility to consider these opportunities if and when they arise,” IMI added.

The disclosure added that IMI’s key shareholders AC Industrial Technology Holdings Inc. and Resins Inc.—had indicated their support to the upcoming capital call.

IMI has appointed BPI Capital Corp. as global coordinator, bookrunner and domestic underwriter for the rights issue.

IMI is one of the world’s leading global manufacturing solutions providers. It ranks 20th on the list of top 30 electronics manufacturing service (EMS) providers in the world as ranked by the Manufacturing Market Insider, based on 2016 revenues. —DORIS DUMLAO-ABADILLA