MANILA, Philippines - Integrated Micro-Electronics Inc. (IMI) of the Ayala conglomerate has raised $22.4 million from a sale of property in Singapore.
In a disclosure to Philippine Stock Exchange, IMI said it has completed the sale of its property located at 20 Kian Teck Lane Singapore with DBS Trustee Limited in its capacity as trustee of Soilbuild Business Space REIT.
The land sale and purchase agreement was initially entered into last Aug. 27.
The sale was made through Speedy-Tech Electronics Ltd., a Singapore-based indirect subsidiary of IMI.
“With the completion of the sale, IMI is able to monetize its asset to enhance its capital structure and invest in further growth and expansion of its business,” the firm said.
IMI is one of the largest electronics manufacturing services, power semiconductor assembly and test services company in the world. It operates 14 manufacturing plants across seven countries globally, five of which are in the Philippines.
The Ayala-led firm was able to finally complete its maiden share sale earlier this month after three years of delay.
IMI was able to raise P1.61 billion from the fundraising activity. Majority of the amount raised will be used to fund its capital expenditure and business expansion.