Ayala Corp. on Tuesday bared selling its majority stake in the German auto parts maker MT Technologies GmbH and focus on its core businesses of real estate, banking, power and telecommunications.
In its disclosure, the company said it sold its 92.45 percent stake to Munich, Germany-based Callista Asset Management 18 GmbH, an affiliate of Callista Private Equity.
Ayala owned MT Technologies via AC Industrial Technology Holdings Inc. through its Singaporean subsidiary, AC Industrials (Singapore) Pte. Ltd.
MT Technologies specializes in the design and manufacture of injection molds for metal and plastic car parts.
“The sale will be executed alongside a sale and leaseback by MT of its property in Ingolstadt and assignment of shareholder loans to the purchaser,” Ayala said.
This results in a 26 million euro ( P1.6 billion) one off P and L loss and a 26 million euro reduction in equity, the company said.
Integrated Micro-Electronics Inc. earlier reported a loss in the first half of the year that widened to $83.66 million from last year’s $5.51 million.
Gross revenue at $691.89 million barely changed from last year’s $690.85 million.
In the second quarter alone, the company reported a net loss of $82.9 million from last year’s loss of $3.54 million that included the $84 million one-off loss related to the divestment of STI Enterprises Limited.
