MANILA, Philippines — Listed construction company EEI Corp. will soon launch a new holding firm meant to acquire and hold interests in “various potential businesses” as the company looks to explore other ventures.
EEI on Monday said its board of directors had approved a P500-million share subscription into a soon-to-be-incorporated wholly owned holding subsidiary.
The transaction would be finalized upon the approval of the Securities and Exchange Commission of the registration application, said EEI, which was previously controlled by the Yuchengco Group’s House of Investments prior to the sale of the majority of its shares in the company to outside investors last year.
“As of to date of this disclosure, there is yet no specific business that the new subsidiary will acquire or hold interest in,” it said in a stock exchange disclosure.
READ: EEI looks to bag P50B in new projects, infra deals
EEI, which saw a net loss of P294.97 million in the first nine months of 2023 from a profit of P149.68 million in 2022, earlier said it wanted to bag around P50 billion worth of new projects until this year.
EEI stake sold
In April 2023, the Yuchengco Group announced that the family of House Speaker Martin Romualdez was buying a 20-percent stake in EEI for P1.25 billion.
House of Investments sold an additional 14.3-percent stake in EEI to the Chua Group’s Industry Holdings and Development Corp. in 2023.
READ: Yuchengco Group selling 20% stake in EEI to Martin Romualdez’s firm
Meanwhile, EEI on Monday unveiled three ParkNCharge electric vehicle charging stations within SM Offices’ ThreeE-com, FourE-com and FiveE-com centers at Mall of Asia Complex in Pasay City.
According to EEI, the project was undertaken by power subsidiary EEI Power Corp. in partnership with cloud solution and service provider SysNet Integrators Inc.
The charging stations would charge P28 per kilowatt-hour, EEI said, noting that it was 60-percent cheaper than fuel.“ParkNCharge of SysNet and EEI is committed to support innovative efforts and bring sustainable transportation closer to Filipinos,” EEI Power president Cris Noel Torres said in a statement. —Meg J. Adonis INQ