Integrated Micro-Electronics Inc. (IMI), the manufacturing unit of Ayala Corporation’s subsidiary AC Industrial Technology Holdings Inc., has completed its sale of 80 percent of its stake in UK-based electronics firm STI Enterprises Limited to a British investment firm Rcapital.

Last Aug. 4, 2023, an agreement was made to sell 80 percent of IMI’s shares and 20 percent of STI’s minority shareholders’ shares to Rcapital. 

In a statement, IMI said that the parties involved agreed on an “enterprise valuation of £7.5 million.”

In a disclosure to the Philippine Stock Exchange (PSE), IMI said it completed its transaction on Oct. 31, with “condition precedent having been met, particularly, the UK government’s clearance under the National Security and Investment Act 2021, and closing deliverables having been exchanged by the parties.”

The PSE noted that the sale of IMI’s 80 percent stake in STI was to Sand 2023 Limited, an affiliated entity of Rcapital, “for a net consideration amount of approximately £2.2 million.”

The payment terms indicate 100 percent payment no later than two years after closing, said the PSE.

“The conclusion of this divestment initiative will allow IMI management to sharpen its portfolio and focus on driving growth and profitability in its core segments. The mobility and industrial markets remain at the forefront for IMI, with interconnectivity and the electrification of vehicles driving technology megatrends of the near future,” said Laurice S. Dela Cruz, chief finance officer and compliance officer of IMI.

The firm also noted that its acquisition will “allow for tighter management focus and capital allocation as the company navigates today’s challenging macroeconomic and geopolitical environment.”

Back in April 2017, IMI acquired an 80 percent stake in STI, through its subsidiary Integrated Micro-Electronics UK Limited.

STI or “Surface Technology International” is a specialist contract electronics manufacturer that provides printed circuit board assembly (PCBA) and full box-build manufacturing for the aerospace, defense, and security sectors.

Meanwhile, RCapital is a private investment firm in London that hosts a portfolio of UK-based engineering solutions firms in the aerospace and defense sectors.