Semi-conductor firm Integrated Micro-Electronics Inc. (IMI) now fully owns PSi Technologies Inc. after buying the 17 percent stake of partner Narra Venture Capital II LP and Narra Associates II Ltd. on Monday.
The transaction amounted to $500,000 (P22.5 million).
PSI Technologies is a power semiconductor assembly and test services (SATS) company that is serving niche markets in the global power semiconductor market.
It is one of IMI’s wholly owned subsidiaries, including IMI International (Singapore) Pte. Ltd., IMI USA Inc. and IMI Japan Inc.
IMI has allotted P1.2 billion in capital expenditures for 2015, which will be sourced from the P1.6 billion it raised from its follow-on offering on December 5 last year.
The company currently has a presence in the Philippines, China, Bulgaria, Czech Republic, Mexico, United States, and Singapore.
In the first nine months of last year, the Philippines contributed 26 percent to total IMI sales, while 74 percent came from its international operations, particularly 30 percent from China; 37 percent from Europe; and 7 percent from Mexico.