Construction firm EEI Corp. is investing P3.85 billion to finance the expansion plans of various business units.
EEI said in a disclosure to the stock exchange Monday its board of directors approved P1.7 billion in additional capital for energy subsidiary EEI Power Corp. to fund expansion opportunities.
EEI Power has interests in the operation and management of power generating stations of several manufacturing companies and the packaging of Build-Operate-Transfer schemes for power plant projects in consortium with power producers.
It also approved additional investment of P1 billion to fund expansion opportunities of its newly-formed subsidiary EEI Ventures Inc. EEI is exploring plans to venture into resort and casino business.
PH Resorts Group Holdings Inc. (PHR), the gaming firm led by businessman Dennis Uy, said last week it signed a memorandum of understanding with EEI Corp. for the latter’s potential investment in Emerald Bay, the stalled Cebu integrated casino and resort development
Meanwhile, EEI is also investing P600 million to support the expansion of EEI Construction and Marine Inc. (ECMI) and another P550 million for EEI Limited to fund current and future international expansion.
ECMI is expanding its market coverage across a wider range of industries, beyond its traditional focus in the oil and gas sector as it aims to become a key supplier of storage tanks for industries such as food and beverage, pharmaceutical, chemical and other manufacturing sectors.
It is also increasing investments in research and development, which resulted in the introduction of new and improved technologies for the fabrication/construction of various capacities of storage tanks.
EEI’s board also approved the change in its principal office address from Bagumbayan, Quezon City to RCBC Plaza Tower 2 on Ayala Ave., Makati City subject to shareholders’ approval in the annual stockholders’ meeting in 2025.