December 17, 2024 | 12:00am
MANILA, Philippines — Construction giant EEI Corp. is injecting P3.85 billion into various subsidiaries to support their growth initiatives.
EEI said its board approved the investment of P1.7 billion in subscribed capital in EEI Power Corp. and an additional investment of P1 billion in EEI Ventures Inc.
EEI Power is involved in the operation and management of power generating stations of manufacturing companies, while EEI Ventures is a subsidiary incorporated early this year to acquire and hold interests in various potential businesses.
Aside from the additional investments in EEI Power and EEI Ventures, the listed company will likewise infuse P600 million into EEI Construction and Marine Inc. and P550 million to EEI Ltd.
EEI said the fresh capital would be used by its subsidiaries to fund their respective business expansion opportunities.
As one of the country’s leading construction companies, EEI has multiple mega infrastructure projects in the pipeline including big-ticket railway projects.
The 93-year-old company has a broad range of construction and engineering services, with expertise in the construction of infrastructure, buildings and industrial and electromechanical facilities.
EEI’s principal stockholders are RYM Business Managment Corp. of House Speaker Martin Romualdez, House of Investments of the Yuchengco Group, Industry Holdings and Development Corp. of the Chua Group and Shenton Resources.
Last month, EEI secured board approval to issue 20 million preferred shares with a par value of P0.50 from its unissued preferred shares by way of private placement.
The dividend rate is set at 6.75 percent per annum payable quarterly starting on the third month from date of issuance.
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