MANILA, Philippines — EEI Corp. welcomed its new strategic investor Industry Holdings and Development Corporation (IHDC) of the Chua Group.
House of Investments Inc. (HOI), the parent company of EEI, has decided to sell a 14.35 percent interest in EEI to IHDC.
“EEI welcomes IHDC; a team that shares the same vision as ours in building a better future. We are excited with the potential synergies we can create that are focused on nation-building, environmental protection, supporting economic growth, and uplifting the quality of life of our own people and the communities we serve,” EEI president and CEO Henry Antonio said.
IHDC, for its part, said its entry as a strategic partner is in line with EEI’s growth plans and restructuring efforts.
“Our technology and advancements in concrete products which enable faster and more economical ways to build provide us synergies that we will take advantage of,” said IHDC president Noel Jesus Santiago.
EEI is a 92-year old company that has a broad range of construction and engineering services, with expertise in the construction of infrastructure, buildings, and industrial and electromechanical facilities.
It has partnerships with global contractors, particularly in the Middle East, Africa, and Asia Pacific countries.
At present, the company has 27,000 employees working across its several construction projects in the Philippines and overseas.
IHDC is owned by the Chua Group, headed by Francis Chua. It is engaged in investment, purchase, and acquisition of properties, manufacturing, and logistics. It also has a manufacturing arm, Concrete Stone Corp. (CSC), which was incorporated in 2018 to primarily trade aggregates.
CSC is also completing construction of a state-of the art precast concrete manufacturing facility in Mariveles, Bataan while another subsidiary, Industry Movers Corp. (IMC) is handling freight handling and vessel operations.
Early this month, HOI also sold its 20 percent stake in EEI to the Romualdez-led RYM Business Management Corp. for roughly P1.25 billion