MANILA—Conglomerate Ayala Corp. is consolidating its assets in manufacturing and vehicle distribution and dealership under its subsidiary, AC Industrials Technology Holdings, Inc.
Ayala told the local bourse its unit AYC Holdings, Ltd. (AYCH) will transfer its 50.6-percent ownership in Integrated Micro-Electronics, Inc. (IMI) to AC Industrials through a special block sale of its shares, subject to the approval of the Philippine Stock Exchange.
It said this transaction was granted exemptive relief from the application of the mandatory tender offer rules by the Securities and Exchange Commission last March 21.
This on the ground that the change in the form of Ayala’s ownership of the IMI shares is by no means a takeover by a third party and will not affect the management and control of IMI.
IMI is the 21st largest electronics manufacturing service provider and the sixth largest automotive electronic manufacturing services provider in the world based on revenues, with technological and management expertise in automotive, telecom and industrial electronics, among others.
AC Industrials currently holds Ayala’s interests in automotive distributorship which include stakes in Honda Cars Philippines, Inc. and Isuzu Philippines Corp.; and full ownership in Isuzu Automotive Dealers, Inc., Automobile Central Enterprise Inc. and Adventure Cycle Philippines Inc.
Ayala said the transaction created a platform to execute on Ayala’s vision to “assemble a portfolio of businesses that own, develop, enable, manufacture and commercialize automotive and other industrial technologies across various platforms to capture opportunities in the domestic and global markets.”
“Through its wider reach and industry coverage, AC Industrials seeks to play a bigger role in manufacturing and contribute to the country’s rise as a Southeast Asian (ASEAN) industrial hub, directly providing IMI a foothold in the industry,” IMI said in a separate disclosure.