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IMI to bolster operations in Bulgaria, China, Phl(Philippine Star News Via Acquire Media NewsEdge) MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing services unit of the Ayala conglomerate, intends to bolster its operations in Bulgaria, China and the Philippines next year through the amount it would raise from the sale of common shares awaiting approval from the corporate regulator. In its amended filings with the Securities and Exchange Commission (SEC), IMI said it plans to use a portion of the proceeds for the building expansion of its facilities in Jiaxing and Bulgaria, and machinery expansion in the Philippines. IMI's P3-billion share sale is currently pending with the SEC. It plans to issue up to 215 common shares with an over-allotment option for 85 million shares at an offer price of P10 each. Of the total expected proceeds, IMI is allocating P1.1 billion for capital expenditure in which approximately 91 percent would be used for investments in its electronics manufacturing services (EMS) business line while the remaining nine percent would be utilized for its semiconductor assembly and test services (SATS) business line. IMI said proceeds allocated for business expansion placed at P1 billion, meanwhile, is intended to be used to expand current and existing businesses. "While the company remains open to acquire companies with similar or related business interests, no definitive targets have been currently identified," the company said. usiness ( Article MRec ), pagematch: 1, sectionmatch: 1 IMI said a portion of the proceeds would also be used to settle short-term financial obligations with BNP Paribas Singapore and Standard Chartered Singapore. IMI officials earlier said they are hoping that the follow-on offering would push through this year. The offering would increase the company's public float to about 25 percent if all the shares are taken up by the public. The company was supposed to have made a public offering a year after its listing by way of introduction at the Philippine Stock Exchange (PSE) in 2010. The follow-on offering was a post-listing requirement of the PSE. |