EEl Corp. has acquired all of the common shares of First Orient International Ventures Corp. (FOIVC) from KC Land Oriental Pacific Inc. (KLOPI) for P2.8 billion, according to a disclosure filed with the Philippine Stock Exchange Thursday.
The acquisition of 100 percent of FOIVC is part of EEl’s long-term growth strategy to transition from a pure construction firm into a fully integrated property and infrastructure developer.
The transaction involved the purchase of 46,805 common shares at P59,822.67 per share, which was fully paid in cash upon the execution of the share purchase agreement.
FOIVC is a domestic corporation involved in acquiring, developing, selling, leasing and holding real estate property for investment. Among its major assets is a development right over 49 hectares of real estate.
“The diversification is designed to leverage the company’s extensive construction expertise, robust project management capabilities, and established industry relationships,” EEI said.
“By integrating development into its business portfolio, EEl strengthens its competitive position, diversifies its revenue streams, creates additional long-term value, and fulfills its investment commitment for its stakeholders,” the company said.
The seller, KLOPI, is involved in owning, leasing or managing hotels, inns or resorts. The disclosure noted there are no material relationships between the two companies or their directors and officers.
EEl’s board of directors approved the transaction on Sept. 3, 2025. No stockholder or regulatory approvals were required for the deal.
“This acquisition supports our sustainability commitment by providing socialized, decent, and sustainable living spaces for our people,” EEl said.
