Philippine-based chip-maker Integrated Micro-Electronics Inc (IMI) has sold its Singapore property to DBS Trustee Limited in its capacity as trustee of Soilbuild Business Space REIT for S$22 million (P757 million).
As a follow up to this disclosure to the Philippine stock exchange last August 27, IMI said that its Singapore-based indirect subsidiary Speedy Tech Electronics Ltd has completed the sale of its property located at 20 Kian Teck Lane Singapore to DBS.
“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,” IMI said in its message to the stock exchange.
Established in 1980, IMI is an exporter of printed circuit board assembly, flip chip assembly, box build sub-assembly, enclosure system, and provider of electronics product design, research and development, and product development outsourcing and other electronic parts.
IMI is also engaged in the business of providing test development and systems integration services;distributing related products, equipment and services.
The Ayala-led company also has three wholly-owned subsidiaries, the IMI International (Singapore) Pte Ltd, IMI USA Inc and IMI Japan Inc. The company also owns 83.25 per cent of PSi Technologies Inc, an independent power semiconductor assembly and test services (SATS) provider.
DBS is a financial services group with headquarters in Singapore. Among its current growth are, areas are in Greater China, Southeast Asia and South Asia.