EEI board OK’s P1B more investment in subsidiary

LISTED construction company EEI Corp. (EEI) on Wednesday said its board of directors had given the green light for an additional investment of P1.29 billion to be made to EEI Ltd.

In a disclosure to the stock exchange, EEI said the investment to its wholly owned subsidiary will provide funding for both its ongoing and future projects.

EEI is primarily engaged in construction of power generating facilities, oil refineries, chemical production plants, rails, ports, expressways, and high-rise towers.

EEI Ltd. was formed to expand the company’s construction business overseas.

Last month, EEI’s another wholly owned subsidiary, EEI Power Corp., through a consortium with Soosan ENS Co. Ltd., Soosan Industries Co., Ltd. and Mapalad Power Corp., was one of the seven qualified bidders for the 165-megawatt Casecnan hydroelectric power plant in Nueva Ecija.

State-led Power Sector Assets and Liabilities Management Corp. (PSALM) previously said that it had trimmed the number of qualified bidders for the Casecnan hydroelectric power plant to seven from the initial 14.

PSALM is the agency tasked to privatize state power assets. It said earlier that the asset, which has a limited water impounding area, is being privatized on an “as is, where is” and cash basis.

At the local bourse on Wednesday, shares in EEI declined by two centavos or 0.73% to end at P2.72 per share. — Ashley Erika O. Jose