Ayala-led IMI takes full control of PSi Technologies Inc.
MANILA, Philippines–The Ayala-led electronics manufacturing services firm Integrated Micro-Electronics Inc. (IMI) has bought out minority investors in the semiconductor manufacturing unit PSi Technologies Inc., thus taking control of 100 percent of the company.
In a disclosure to the Philippine Stock Exchange on Tuesday, IMI said it had completed the purchase of the stake held by Silicon Valley investor NarraVC through units Narra Venture Capital II, LP and Narra Associates II Ltd. The block was priced at $500,000.
Prior to this deal, IMI has an 83.25-percent ownership in PSi Technologies.
A power semiconductor assembly and test services (SATS) company serving niche markets in the global power semiconductor market, PSi provides comprehensive package design, assembly and test services for power semiconductors used in various electronic devices.
PSi owns 100 percent of the PSi Technologies Laguna Inc., which also provides SATS. In addition, PSi owns 40 percent of PSiTech Realty Inc., the holding company of Pacsem Realty, which is a real estate company that acquires, holds, develops and disposes any real estate or interest acquired.
In 2012, the Securities and Exchange Commission (SEC) approved the legal merger of PSi Laguna and PSi, with the latter as the surviving entity.
IMI first invested in PSi in 2010 as part of a strategy to offer an integrated hybrid power solution in a multi-chip module that contains advanced manufacturing technologies.
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