| Speedy-Tech Shareholders Approve IMI Merger |
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| Written by Mike Buetow | |||
| Tuesday, 18 October 2005 07:26 | |||
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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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| Last Updated ( Wednesday, 19 October 2005 07:11 ) |
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