Integrated Microelectronics to list shares via introduction

Integrated Microelectronics, Inc., an electronics manufacturing service provider in Asia, is seeking to list its shares by way of introduction.

IMI has sought exemption from the registration requirements of the Securities Regulation Code.

Listing by way of introduction involves the listing and trading of a company’s shares at the stock market without going through an initial public offering (IPO).

The company is seeking to list its shares on the first board of the Philippine Stock Exchange.

IMI is also considering listing overseas, possibly in Singapore.  The company wants to be financially strong before it undertakes an IPO.

IMI is seeking to become a $1-billion company by 2011 as it capitalizes on the positive outlook for electronics assembly with a projected CAGR of 6.9 percent until 2010.

The company is looking to acquire EMS companies in the US or Europe to enhance engineering competencies, access large programs or increase sales in fast-growing market segments.

It is also considering expanding facilities in low-cost countries like Vietnam and China. 

In addition to this, the company is planning to put  up a manufacturing base in Japan following the set-up of a representative office this year.

IMI is also looking at diversifying into high-margin, low-volume medical, industrial and automotive electronics.

In the six months ending June this year, IMI registered  revenues of $199 million, up four percent from the same period a year ago.  However,higher general and administrative expenses related to its integration projects resulted in a 30 percent decline in net income during the period.

IMI has set aside about $10 million for its capital expenditures, 60 percent of which will be used for expansion in the international markets.   The remaining 40 percent will be used to improve operations here.

IMI recently expanded its manufacturing capacity with a 12,500-square-foot facility in Shenzhen, which is its fifth plant in China.

Headquartered at the Laguna Technopark in Binan, Laguna, IMI  has 11 manufacturing plants worldwide with a total production area exceeding 1.9 million square feet, and continues to expand operations.  It has manufacturing operations in Laguna and Cebu as well as design centers in Manila, Tustin, North America and a support center in Singapore.