MANILA - Integrated Micro-Electronics is selling its entire 80% stake in UK-based electronics manufacturer STI Ltd. to a British private equity firm for GBP2.2 million ($2.8 million).

In a public filing, IMI said it is selling STI to Rcapital in order to focus on its growth and profitability in its core markets.

“The rationalization of IMI’s operations will allow for tighter management focus and capital allocation as the company navigates today’s challenging macroeconomic and geopolitical environment,” IMI said.

STI provides electronics design and assembly primarily for the aerospace, defense and security sectors. It has two factories in the United Kingdom and one in Cebu. It also operates a design center in London.

IMI acquired an 80% stake in the company in 2017 as part of its move to expand into the aerospace and defense markets.

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