IMI to raise $100M from stock rights offer

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.