EEI stockholders approve merger with Philrock

Stockholders of publicly listed EEI Corp. ratified on Feb. 1, the merger of wholly owned subsidiary Philrock, Inc. with the company.

Under the merger plan approved during the company’s special stockholder’s meeting, the assets, rights, properties and liabilities of Philrock as of Oct. 31, 2000 will be conveyed and transferred to EEI upon the effective merger date.

"The merger of Philrock into EEI will result in economies of scale and greater efficiencies in operation, and the consolidation of its assets will allow for procurement of financing and credit facilities under more favorable terms," EEI chairman and chief executive Rizalino S. Navarro said.

EEI, the country’s leading construction company and the only one certified under ISO 9001 quality system, has been engaged in infrastructure, high-rise and property development, and industrial construction in both the domestic and Middle East markets.

Philrock has collaborated with EEI and provided construction services and concrete products on the latter’s projects, notably the EDSA MRT, the RCBC Plaza, the Philamlife Tower, the Pacific Plaza Towers, the Insular Life Corporate Center and the Linden Suites project.

Philrock specializes in horizontal construction, airport and roadways, soil and foundation engineering and the production of concrete aggregates and pre-stressed structures. In 1999, Philrock had gross revenues of P534 million and total assets of P683 million.

The articles of the merger will be submitted to the Securities and Exchange Commission for final approval.