Ayala’s IMI mulls US$100-million stock rights offer

Integrated Micro-Electronics Inc., (IMI) one of the leading global manufacturing solutions firms and a member of the Ayala group, is planning to raise US$100 million from a planned stock rights offering of common shares to all of its eligible shareholders.

In a disclosure to the Philippine Stock Exchange, the firm said its Executive Committee has passed a resolution approving the Rights Issue.

Determination of the final terms and conditions of the Rights Issue, including but not limited to the final issue size, entitlement ratio, offer price, record date, and the final parties, has been delegated to IMI’s management, for final approval by the Executive Committee.

“IMI is conducting the Rights Issue in order to support the growth and strategic initiatives of IMI. This includes business expansions and strategic investments. The Rights Issue will ensure the financial flexibility to consider these opportunities if and when they arise,” the firm said.

It added that, AC Industrial Technology Holdings, Inc. and Resins, Inc. have indicated their support of the Rights Issue.

IMI has appointed BPI Capital Corporation as Global Coordinator, Bookrunner and Domestic Underwriter for the Rights Issue.