IMI listing may take place in 2010
11/16/2009 | 10:26 AM
AYALA-LED electronics manufacturing company will be unable to pursue its bid to list by way of introduction within this year.
Eric T. Francia, Ayala Corp. managing director for corporate strategy, said the listing of Integrated Microelectronics Inc. (IMI) in the local bourse will be difficult to do within the final two months of the year as the company has yet to secure an approval from the Philippine Stock Exchange.
IMI has received the go-ahead from the Securities and Exchange Commission to list P1.27-billion worth of common shares by way of introduction last month.
But Francia said IMI listing may happen in the early part of 2010.
IMI is registering less than half of its authorized capital stock amounting to P3 billion divided into 1.5 billion common shares, while the reminder are preferred shares with a par value of P1 apiece.
In listing by way of introduction, no capital is required to be raised by the company. However, the PSE mandates a company to hold a maiden offering and comply with the minimum public ownership requirement within one year from listing
IMI earlier planned to list its shares before the end of the year following the improved prospects of the microchip industry.
Sherisa P. Nuesa, IMI chief finance officer, said the company is also looking at the possibility of listing in the Singapore Stock Exchange.
When IMI finally holds its public offering, the company will use the funds for expansion plans and to become a $10 billion worth firm by 2020.
IMI, which was established in 1980 has a total assets of $294 million as of June this year.
The company, which is 70-percent owned by Ayala Corp., is a one-stop EMS provider and ODM operating in Asia and the United States.
It offers Original Equipment Manufacturers (OEMs) comprehensive manufacturing services and higher value competencies in design and product development, engineering, and supply chain management.
In April, Arthur Tan, IMI president, revealed said the company was in discussion with Mitsubishi Corp. to raise its stake in the firm to a maximum of 10 percent from the current one percent.
He said this could cost Mitsubishi around $30 million to $50 million, based on the market value of IMI shares, adding that they were still deciding whether to issue new shares or allow shareholders and employees to sell their shares to Mitsubishi in a secondary sale.
IMI Japan Inc., IMI’s newly established subsidiary in Tokyo, serves as front-end design and product development center for Japan-based OEMs and system integrator clients. -GMANews.TV
Eric T. Francia, Ayala Corp. managing director for corporate strategy, said the listing of Integrated Microelectronics Inc. (IMI) in the local bourse will be difficult to do within the final two months of the year as the company has yet to secure an approval from the Philippine Stock Exchange.
IMI has received the go-ahead from the Securities and Exchange Commission to list P1.27-billion worth of common shares by way of introduction last month.
But Francia said IMI listing may happen in the early part of 2010.
IMI is registering less than half of its authorized capital stock amounting to P3 billion divided into 1.5 billion common shares, while the reminder are preferred shares with a par value of P1 apiece.
In listing by way of introduction, no capital is required to be raised by the company. However, the PSE mandates a company to hold a maiden offering and comply with the minimum public ownership requirement within one year from listing
IMI earlier planned to list its shares before the end of the year following the improved prospects of the microchip industry.
Sherisa P. Nuesa, IMI chief finance officer, said the company is also looking at the possibility of listing in the Singapore Stock Exchange.
When IMI finally holds its public offering, the company will use the funds for expansion plans and to become a $10 billion worth firm by 2020.
IMI, which was established in 1980 has a total assets of $294 million as of June this year.
The company, which is 70-percent owned by Ayala Corp., is a one-stop EMS provider and ODM operating in Asia and the United States.
It offers Original Equipment Manufacturers (OEMs) comprehensive manufacturing services and higher value competencies in design and product development, engineering, and supply chain management.
In April, Arthur Tan, IMI president, revealed said the company was in discussion with Mitsubishi Corp. to raise its stake in the firm to a maximum of 10 percent from the current one percent.
He said this could cost Mitsubishi around $30 million to $50 million, based on the market value of IMI shares, adding that they were still deciding whether to issue new shares or allow shareholders and employees to sell their shares to Mitsubishi in a secondary sale.
IMI Japan Inc., IMI’s newly established subsidiary in Tokyo, serves as front-end design and product development center for Japan-based OEMs and system integrator clients. -GMANews.TV
