MANILA, PHILIPPINES -- The Philippine Stock Exchange has approved a plan by Integrated Micro-Electronics Inc. to issue millions of new shares as part of a plan to raise nearly $100 million.

The exchange gave IMI the rights to sell up to 350 million new common shares to existing subscribers. The offering period will run from Feb. 19 to 23. Each eligible shareholder will be allowed to buy one share for every 5.335 common shares held as of Feb. 14.

IMI plans to use the proceeds for capital expenditures and debt refinancing.

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