Ayala-backed Integrated Micro-Electronics, Inc. (IMI), through its wholly-owned subsidiary Coöperatief IMI Europe U.A., is selling its entire stake in IMI Czech Republic (IMI CZ) to KEBODA Deutschland GmbH & Co. KG, a unit of China-listed Keboda Technology Co., Ltd., to raise funds and streamline costs.
In a stock exchange disclosure on Wednesday, IMI stated that the deal is valued at €P10,025,567, or approximately P635 million at current exchange rates, subject to post-closing adjustments.
The consideration will be paid in three tranches: €P1,000,000 upon signing of the agreement, €P8,525,567 upon closing, and €P500,000 ten business days after the finalization of closing accounts.
“This sale was executed as part of IMI’s restructuring and footprint rationalization program, which was initiated in the 2nd half of 2024,” the company said.
“The move will further reduce overhead and administrative expenses as the company consolidates its operations in Europe into its Bulgaria and Serbia facilities.”
Despite the sale, IMI said it remains committed to its customers in the Czech Republic. Ongoing customer support will be provided under a manufacturing services agreement between IMI and Keboda, included in the terms of the sale.
“A majority of the customers previously served by IMI Czech Republic have already been smoothly transitioned to IMI’s facilities in Serbia and Bulgaria,” it said.
“For the remaining customers, IMI will ensure uninterrupted service until they are relocated to alternative IMI locations or their products reach end-of-life,” it added.
Keboda, founded in 2003 and based in Shanghai, provides system solutions for automotive intelligent and energy-efficient electronic components.
IMI, on the other hand, specializes in electronics manufacturing solutions for industries with extended product life cycles.