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Speedy-Tech Shareholders Approve IMI Merger |
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Written by Mike Buetow
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Tuesday, 18 October 2005 |
LAGUNA, PHILIPPINES -- Shareholders of Speedy-Tech Electronics Ltd., a
Singapore-based EMS and power electronics company, have approved the company's merger with Integrated Microelectronics Inc., a Philippines-based electronics manufacturing service provider.
The merged entity
would have a combined revenue of $265 million and profit after tax and
minority interests of about $30 million, based on the latest 2004 audited financials.
Subject to final
approval by the High Court of Singapore, the merger is expected to be
completed in December. Upon completion, Speedy-Tech will become a
wholly-owned subsidiary of IMI and its shares will be delisted from the
Singapore Exchange.
For each Speedy-Tech share, shareholders will receive either 1.3249 IMI shares or approximately $0.317 in cash.
IMI is a privately-held subsidiary of Philippine conglomerate Ayala Corp. with
manufacturing facilities in Laguna and Cebu, Philippines and
engineering and design centers in Tustin, CA, and Alabang, Philippines.
Speedy-Tech is publicly listed on the Singapore Stock Exchange with
five production facilities in Southeast Asia.
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