RYM sells 20% stake in EEI after management buyout

MANILA, Philippines —  Romualdez-led RYM Business Management Corp. is divesting its stake in listed construction giant EEI Corp.

In a stock exchange filing, EEI announced a change in ownership following a management buyout by its president and CEO Henry Antonio.

According to the company, the management company, controlled and led by Antonio, entered into an agreement to acquire RYM Business Management’s 20 percent interest in EEl.

RYM of House Speaker Martin Romualdez bought its 20 percent stake in EEI from House of Investments for P1.25 billion back in 2023.

“This management buyout underlines our belief in EEI’s overall growth potential. It will also provide us with a very direct impact on our own future as an organization,” Antonio said.

The acquisition is seen as a new era for the 93-year-old company that will reinforce its commitment to excellence, innovation and industry leadership.

“This is an exciting new phase for EEI. We will be looking for further opportunities for our own employees to acquire more shares in the company so that they too can also have a significant stake in its future. We have a competent and committed team and we will continue to work hard to achieve inclusive growth for all our stakeholders,” Antonio said.

EEI said the deal underscores Antonio’s deep understanding of the company’s operations and long-term confidence in its mission, values and potential for growth.

The buyout also builds upon EEI’s strong legacy, ensuring that its core principles remain intact while meeting the demands of a dynamic construction industry.

Antonio’s ownership and leadership are expected to further drive the company while staying true to its mission of forging partnerships that build success.

“We have spent a lot of effort in the past two years restructuring the company following the devastating impact of the pandemic and I believe we’ve made progress in this area. I also see opportunities for us to make serious headway in transforming the business and diversifying into sectors such as real estate development and power,” he said.

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

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