Ayala electronics firm eyes $100M from rights issue
Integrated Micro-Electronics Inc. plans to raise up to $100 million from a stock rights offering to support its expansion initiatives.
In a stock exchange filing, the Ayala-led electronics manufacturer said i“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 determination of the final terms and conditions of the rights issue, the final issue size, entitlement ratio, offer price, and the record date had been delegated to IMI’s management, for final approval by the executive committee.
IMI expects to launch the rights issue after receiving the required regulatory approvals.
AC Industrial Technology Holdings, Inc. and Resins Inc. have indicated their support of the rights issue, IMI said.
IMI has appointed BPI Corp. as global coordinator, bookrunner and domestic underwriter for the issue.
IMI has appointed BPI Capital Corporation as Global Coordinator, Bookrunner and Domestic