LISTED builder EEI Corp. is beefing up domestic and international expansion efforts via investments totaling P3.85 billion into four units.
In a disclosure on Monday, the company said that its board last Friday approved a proposal to invest 36.75 million Saudi riyals, equivalent to P550 million, into its wholly owned subsidiary EEI Ltd.Incorporated in the British Virgin Islands, EEI Ltd. is engaged in labor supply, project management and international joint ventures.The board also approved an 'additional investment of P600 million in subscribed capital to its wholly owned subsidiary, EEI Construction and Marine, Inc.
3-million net loss incurred in the same period last year.The nine-month bottom line was boosted by a 600-percent increase in other income on gains booked on the disposal of EEI Construction and Marine's property in Silang, Cavite, and EEI Realty's property in Tanza, Cavite, the company said in its third-quarter financial report.Gross revenues from January to September, however, declined by 7 percent to P11.3 billion from P12.2 billion in the previous year.
To Invest P3.85B In Four Subsidiaries
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