IMI sets share price for listing by introduction

Ayala-led electronics maker Integrated Microelectronics Inc. (IMI) has set the price of its shares, which it will list on the Philippine Stock Exchange on Thursday without necessarily selling these to the public. In its final prospectus submitted to the bourse, IMI set a price of P6.24. The microchip maker and exporter is listing by introduction 1.27 billion common shares with a par value of P1 each. Companies that list by introduction must go public and comply with the minimum public ownership requirement within a year. IMI earlier planned to list its shares before the end of last year on the back of the microchip industry's recovery. IMI Chief Finance Officer Sherisa P. Nuesa said they might also list on the Singapore Stock Exchange. The company, she added, was aiming to become a $10-billion firm by 2020. IMI, set up in 1980, had assets worth $294 million as of June this year. The company, 70 percent of which is owned by conglomerate Ayala Corp., operates in Asia and the US. — GMANews.TV