MANILA -Integrated Micro-Electronics (IMI) has completed unloading its stake in British subsidiary STI Enterprises Ltd.—which was dealt a blow from global supply chain woes—as it seeks to pivot resources toward its core business.
“The conclusion of this divestment initiative will allow IMI management to sharpen its portfolio and focus on driving growth and profitability in its core segments,” the Ayala-led company said in a disclosure on Friday.
The transaction was completed last Oct. 31 after it secured clearance from United Kingdom regulators.
IMI sold an 80-percent stake in STI to London-based private investment firm Rcapital for about $9.5 million. Stockholders of the remaining 20 percent also gave up their shares.
The sale, which came six years after STI was acquired, resulted in the electronics manufacturing company booking an $84-million loss, which includes a noncash goodwill charge of $55 million.
IMI president Jerome Tan earlier said “geopolitical and industry-wide issues including Brexit, COVID-19 and the component shortage significantly hindered the company’s progress the past few years.”
STI is engaged in the aerospace, security and defense sectors. It has set up factories in the UK and Cebu in the Philippines.
“The mobility and industrial markets remain at the forefront for IMI, with interconnectivity and the electrification of vehicles driving technology mega trends of the near future,” IMI said.
In March, IMI signed an agreement with US-based Zero Motorcycles Inc. for the assembly of electric motorcycles in the country. A unit costs at least P1 million, according to a price list on its website.