EEI continues reorganization

MANILA, Philippines — EEI Corp., the listed construction company, continues to reorganize.

In a disclosure, EEI said its board of directors approved the divestment of the company’s 60 percent interest in its subsidiary, BiotechJP Corp., a company engaged in the manufacture of food and therapeutic food products, as it focuses on its core business which is construction.

The 60 percent is equivalent to 181,815 common shares of stock of the subsidiary.

This comes on the heels of the entry of a new strategic investor in the company, Industry Holdings and Development Corp. (IHDC) of the Chua Group.

The Yuchengco Group’s House of Investments Inc. (HOI), the parent company of EEI earlier sold its 14.35 percent interest in EEI to IHDC, which in turn, is owned by the Chua Group, headed by Francis Chua.

IIHDC is engaged in investment, purchase, and acquisition of properties, manufacturing, and logistics.

Prior to this, HOI also sold its 20 percent stake in EEI to the Romualdez-led RYM Business Management Corp. for roughly P1.25 billion.

The Yuchengco Group has likewise transitioned EEI into the new leadership of its COO Henry Antonio, succeeding Roberto Jose Castillo as president and CEO.

Antonio took the helm of the company on May 1.

In its disclosure yesterday, EEI also said its board accepted the retirement of Ferdinand Del Prado effective Dec. 31.  Del Prado is senior vice president and the head of the Commercial Division of EEI.

He is considered a stalwart member of the executive team and has generously dedicated his life in service to the company for the past 41 years.

“Over the years, he oversaw the expansion of EEI as a premier diversified construction company with international reach,” EEI said.

EEI is a 92-year-old company which 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.