IMI stockholders OK expansion into warehouse, logistics services

AYALA-LED chip manufacturer Integrated Micro-Electronics, Inc. (IMI) has secured stockholders’ approval for its planned expansion into warehouse and logistics support services.

The company’s stockholders approved the amendment to the second article of its articles of incorporation during a stockholders’ meeting on April 22, IMI said in a regulatory filing on Wednesday.

“This allows the company to provide additional services such as warehousing and logistics support services, particularly importation, procurement, storage, deposit, and inventory management of goods for subsequent sale, transfer, or disposition to clients, interested establishments, agencies, and/or export enterprises,” IMI said.

IMI has business interests in the production of electronics for the automotive, industrial, power electronics, communications, and medical segments.

“(This is) to consider the additional activities for potential future transactions beyond purely manufacturing and to accommodate requests from customers,” IMI said.

For 2024, IMI reduced its attributable net loss by 53% to $49.79 million from $105.63 million in 2023 following restructuring efforts.

Revenue declined by 17.2% to $1.1 billion as its wholly owned subsidiaries continued to be affected by prolonged recovery challenges in the automotive and industrial markets.

The company previously announced the closure and rationalization of its facilities in California, Malaysia, Singapore, Japan, and Chengdu, China to optimize its global footprint.

IMI shares fell by 6.03% or 14 centavos to P2.18 per share on Wednesday. — Revin Mikhael D. Ochave