IMI to raise $100M from stock rights offer

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AYALA-LED Integrated Micro-Electronics Inc (IMI) plans to raise up to $100 million from a rights offering of common shares to the company’s eligible shareholders to fund business expansion.

“The Executive Committee of IMI passed a resolution approving the rights offering of common shares to all eligible shareholders of IMI… Determination of the final terms and conditions of the Rights Issue, including but not limited 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 said in a disclosure to the Philippine Stock Exchange on Monday.

The rights issue will be launched once the company receives the required regulatory approvals, IMI said.

“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 company said.

The company said it has appointed BPI Capital Corporation as global coordinator, bookrunner and domestic underwriter for the rights issue.

It said AC Industrial Technology Holdings Inc. and Resins Inc. have indicated their support for the rights issue.
IMI is a unit of AC Industrial Technology Holdings, which in turn is a wholly owned subsidiary of Ayala Corp.

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