IMI completes sale of Singapore property

ABS-CBN News

Posted at Dec 24 2014 08:09 AM | Updated as of Dec 24 2014 04:09 PM

MANILA – Ayala-led Integrated Micro-Electronics Inc. (IMI) said it has completed the sale of its property in Singapore through its Singapore-based indirect subsidiary Speedy-Tech Electronics Ltd.

IMI said it sold the property, located at 20 Klan Teck Lane, to DBS Trustee Limited in its capacity as trustee of Soilbuild Business Space for a purchase consideration of S$22.4 million ($17.9 million).

“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 in a disclosure to the stock exchange.

IMI is one of the leading global providers of electronics manufacturing services and power semiconductor assembly.