Integrated Micro-Electronics of the Ayala Group is selling its entire 80-percent stake in UK-based electronics manufacturer STI Ltd. to Rcapital, a private investment firm based in London for GBP2.2 million (P156 million).
IMI said in a disclosure to the stock exchange Friday the divestment is in line with the group’s ongoing strategy to sharpen its portfolio, focusing on its growth and profitability within core markets.
“The rationalization of IMI’s operations will allow for tighter management focus and capital allocation as the company navigates today’s challenging macroeconomic and geopolitical environment,” IMI said.
STI is primarily engaged in providing electronics design and manufacturing solutions for the aerospace, defense and security sectors. It has two factories in the United Kingdom and one in Cebu. It also operates a design center in London.
IMI acquired an 80-percent interest in STI in 2017 as part of its move to expand into the aerospace and defense markets, while strengthening the industrial segment in manufacturing and technology development and engineering.
IMI is the manufacturing arm of AC Industrial Technology Holdings Inc., a wholly-owned subsidiary of Ayala Corp. It is a leading provider of electronics manufacturing services and power semiconductor assembly and test services. It operates 20 manufacturing plants across ten countries.
