Romualdezes leave EEI in buyout deal with top exec
The top executive of EEI Corp. will lead a management buyout of the 20-percent stake held by the Romualdez family in one of the country’s biggest construction firms, a move seen to help grow its real estate and power units.
In a stock exchange filing on Wednesday, EEI said a management company controlled and led by its president and CEO, Henry Antonio, would buy RYM Business Management Corp.’s shares, which the latter bought from House of Investments in 2023 for P1.25 billion.
RYM is a holding firm led by the family of House Speaker Martin Romualdez that has interests in mining, real estate and media through subsidiaries Bright Kindle Resources and Investments, Marcventures Holdings, Benguet Corp. and Prime Media Holdings.
“We have spent a lot of effort in the past two years restructuring the company following the devastating impact of the pandemic, and I believe we’ve made progress in this area,” Antonio said in a disclosure.
“This management buyout underlines our belief in EEI’s overall growth potential,” the CEO added.
This comes three months after EEI announced plans to raise up to P6 billion from the sale of preferred shares to fund real estate and power projects.
The issuance involves 60 million preferred shares at P100 each via private placement.
According to Antonio, they see opportunities to “make serious headway in transforming the business and diversifying into sectors such as real estate development and power.”
Currently, EEI’s main business is in construction and engineering, with most of its projects found in the infrastructure and industrial sectors.
Last December, EEI said it would spend P3.85 billion for the expansion of its subsidiaries as it seeks other opportunities at home and abroad.
EEI is likewise seen as the potential fourth investor that may save the long-stalled casino project of Davao-based businessman Dennis Uy’s PH Resorts Group Holdings Inc. (PHR).
Under its memorandum of understanding with PHR parent firm Udenna Corp., EEI will “finance, construct and complete” the $300-million Emerald Bay Resort and Casino project.
