Listed PH firm to acquire UK electronics company

Apublicly-listed diversifying Filipino company is acquiring a major British electronics firm with existing operation in the country, British Ambassador Asif Ahmad has announced.

The ambassador, who revealed the deal during the recent dinner he hosted for the recent visit of UK Prime Minister’s Trade Envoy Richard Graham MP, said the acquisition will be announced by the Filipino firm in time for the visit of British Trade Minister Liam Fox to the country on April 3 and 4.

Ahmad, however, refused to divulge the identity of the Filipino company and the British company except that the British firm is engaged in electronics manufacturing and solutions with existing operations in the Philippines already.

But he said this will be a first for the Filipino company to foray in the electronics sector.

During his speech at the dinner, Ahmad made a special mention of San Miguel Corp. President and COO Ramon Ang, who was among the guests, for being a diversified conglomerate and that it may not be a surprise if the businessman will venture into another industry.

Ahmad said the acquisition is a major business transaction. The acquired firm is also expected to build an entirely new manufacturing operation in the country.

“This is signifi- cant because this is not only investment expansion but it has existing presence in the country,” he said. The acquisition was even likened to purchasing “gold.”

Existing British electronics firms in the country include STI Technology in Cebu, Surface Technology, and Micro Focus.

Micro Focus is providing cyber, web solutions to banks and critical infrastructure like Meralco. It also provides enterprise solutions to corporate clients like banks and San Miguel Corp.

STI has an electronics manufacturing in Cebu supplying to other British firms located in the country, including BE Aerospace which manufactures gulleys for aircraft. STI also provides automation to electronics components, sensors and controls.

Philippine firms in the UK include Philippine National Bank, Bank of Philippine Islands, PLDT, Alliance Global, and Monde Nissin.