PSE approves IMI’s stock rights offer

INTEGRATED Micro-Electronics Inc. (IMI) said on Wednesday it has obtained the approval from the Philippine Stock Exchange Inc. (PSE) for its P5-billion stock rights offer (SRO).

In its disclosure, the company said it is offering up to 350 million new common shares to eligible shareholders.

The said offering is exempted from registration from the Securities and Exchange Commission.

AC Industrial Technology Holdings Inc., IMI’s controlling shareholder and Resins Inc., which beneficially own an aggregate of 63.46 percent of the company, have expressed their full support for the company’s proposed offer.

“AC Industrial and Resins commit to purchase their entitlement of the rights shares and any unsubscribed rights shares after the mandatory second round of the SRO,” IMI said.

IMI has appointed BPI Capital Corp. as sole issue manager, bookrunner and underwriter to the offer.

The income of Ayala-led IMI surged 16 percent during the nine months of 2016 to $24.1 million (about P1.2 billion), from the previous year’s $20.82 million, mainly as a result of the effects on its recent acquisitions and rising demand in automotive sector.

Revenues reached $795.2 million, an increase of 29 percent from last year’s $616.14 million, the company said.

The two recent acquisitions, VIA Optronics and STI International, contributed a combined $136.2 million in revenues.

“IMI today is different from the IMI more than 10 years ago in the way we do things,” IMI CEO Arthur Tan said. “We are now in the forefront of taking electronics to the next level penetrating high reliability markets and moving forward to a more advanced automotive electrification and autonomous driving.”

Revenues from Europe and Mexico operations surged 15 percent year-on-year to $263.4 million in the first nine months driven by increasing demand for automotive lighting, which is becoming a global trend for safety and performance.

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