Ayala IT firm pursues listing plan

Written by Miguel R. Camus
BusinessMirror

AYALA-led Integrated Micro-Electronics Inc. (IMI) will be the first company to list on the Philippine Stock Exchange (PSE) this year when it formally joins the bourse on January 21. The microchip maker and exporter is listing via introduction 1.27 billion common shares carrying a par value of P1 each.

The firm has already secured the approval of the Securities and Exchange Commission and the PSE during the last quarter of 2009.

The move is seen to propel the company toward its goal to become a $10-billion company in the next 10 years.

Firms listing by way of introduction raise no funds through this exercise. However, their shares may be traded on the exchange, giving them exposure to investors.

In a previous interview, IMI chief finance officer Sherisa Nuesa said the firm likewise continues to explore the option of joining bourses abroad, in particular, in the Singapore Stock Exchange.

To meet its targets, IMI said it will focus on “high-growth” industries such as in automotive, medical, as well as in niche computing, communications and consumer segments.

IMI’s main manufacturing facility is located in Laguna while its operations cover Singapore, Hong Kong, China and the US. The company is owned by listed holding firm Ayala Corp. and its subsidiary AYC Holdings Inc.

The latest planned listing follows what some industry watchers described as a slow year for the exchange. Volatility in the equity market forced several firms to defer their plans to go public in 2009. Read more...