PSE oks IMI's P5B stock rights offer | Inquirer Business

PSE oks IMI’s P5B stock rights offer

By: - Business Features Editor / @philbizwatcher
/ 02:49 PM January 31, 2018

IMI’s facility in Jiaxing, China

The Philippine Stock Exchange has approved a plan by Ayala-led electronics manufacturer Integrated Micro-Electronics Inc. (IMI) to raise as much as P5 billion from the sale of new shares to existing shareholders.

IMI was given the go-signal to sell up to 350 million new common shares to eligible shareholders. The final pricing of the offer shares will be on Feb. 7 while the offering period will run from Feb. 19 to 23.

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Each eligible shareholder will be given the right to buy one share for every 5.335 common shares held as of record date Feb. 14.

Listing date of the new shares on PSE is tentatively set for March 2.

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Proceeds from the offer will be used for IMI’s budgeted capital expenditures and debt refinancing, the company said in a disclosure on Wednesday.

IMI’s key shareholders – AC Industrial Technology Holdings Inc. and Resins Inc. – committed to purchase their entitlement of the rights shares as well as any unsubscribed rights shares after the mandatory second round of the stock rights offering.

BPI Capital Corp. was mandated as sole issue manager, bookrunner and underwriter to the offer.

IMI is among the leading global manufacturing solutions providers in the world, ranking 20th in the list of top 30 electronics manufacturing service (EMS) providers in the world based on 2016 revenues, according to the Manufacturing Market Insider. In the automotive segment, it is the sixth
largest EMS provider, according to New Venture Research.

The company – currently valued by the local stock market at close to P36 billion – specializes in highly reliable and quality electronics for long product life cycle segments such as automotive and industrial electronics.

From its manufacturing plants in the United States, Mexico, Bulgaria, Czech Republic, Germany, China, United Kingdom and the Philippines, IMI provides engineering, manufacturing and support capabilities to diverse industries globally.

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TAGS: IMI, Integrated Microelectronics Inc., Philippine Stock Exchange, PSE, stock rights offer
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