Romualdez family sells 20% stake in EEI Corp

The Romualdez family is selling their 20-percent stake in EEI Corp., a major construction firm in the Philippines. The buyout will be led by the company's president and CEO, Henry Antonio. This deal is expected to help EEI expand its real estate and power business. In a recent stock exchange filing, EEI announced that a management company controlled by Antonio will acquire the shares from RYM Business Management Corp. RYM had purchased these shares from House of Investments for 1.25 billion pesos in 2023. RYM has interests in various sectors, including mining and media. Antonio stated that the company has been restructuring over the past two years, especially after the pandemic's impact. He believes this buyout reflects confidence in EEI's growth potential. Recently, EEI also announced plans to raise up to 6 billion pesos from selling preferred shares to support its projects. Currently, EEI focuses mainly on construction and engineering. Most of its projects are in infrastructure and industry. The company plans to invest 3.85 billion pesos to expand its subsidiaries and explore new opportunities. It is also considering a partnership to revive a stalled casino project in Davao.