EEI infusing fresh capital into foreign unit

MANILA, Philippines — Construction giant EEI Corp. is injecting fresh capital to its foreign business unit to support the development of its international projects.

In a stock exchange filing, EEI said the executive committee of its board of directors approved the additional investment of 49 million Saudi riyal to its wholly owned subsidiary EEI Ltd.

The investment will be used to fund current and future international projects.

EEI Ltd., a holding company incorporated in British Virgin Islands, engages in labor supply and project management and supervision services. 

The company holds interest in joint-venture companies outside the Philippines.

Aside for the additional investment in EEI Ltd., EEI’s executive committee likewise approved the incorporation of a new subsidiary that will engage in the business of owning and operating a technical and vocational training academy.

EEI said the new subsidiary would have an initial investment of P30 million.

EEI, one of the country’s leading construction companies, has multiple mega infrastructure projects in the pipeline including big-ticket railway projects.

Its principal stockholders are House of Investments of the Yuchengco Group, Industry Holdings and Development Corp. of the Chua Group and Shenton Resources.

The company recently announced a change in ownership following a management buyout by its president and CEO Henry Antonio.

The management company controlled and led by Antonio will acquire RYM Business Management’s 20 percent interest in EEl.

The management buyout underlines its belief in EEI’s overall growth potential and will also provide an exciting new phase for the organization.

EEI sees opportunities to make serious headway in transforming the business and diversifying into sectors such as real estate development and power.