The Ayala-LED electronics manufacturing firm Integrated Micro-Electronics, Inc. plans to expand its renewable energy business with the mass production starting this year of solar panels using prototypes made by an energy unit based in Fremont, California.

IMI has also obtained relief from the Philippine Stock Exchange to defer an initial public offering – otherwise required 12 months after its listing by way of introduction on the local bourse – until June 2012 at the latest, company president and chief executive officer Arthur Tan told stockholders in an annual meeting on Friday.

The company is required to open up at least 10 percent of its shares to public ownership to remain listed on the PSE. But ahead of the required IPO, Tan said it has the option to take in new investors through a private placement.

IMI sees new opportunities to expand its business by manufacturing products catering to the renewable energy, automotive, industrial and medical electronics sectors.

In June 2010, IMI established IMI Energy Solutions in Fremont, California, to engage in the development, prototyping and low-volume manufacture of solar panels. This year, it plans to expand this venture into mass production of solar panels.