EEI, a prominent Filipino company, has announced a significant capital raise through the issuance of 60 million preferred shares. These funds will be allocated towards expanding its real estate and power ventures, as well as supporting general and working capital needs.
EEI announced a plan to issue 60 million preferred shares at P100 each, raising P6 billion to fund its real estate and power projects . The company stated that the net proceeds will also be used for general and working capital requirements. These perpetual shares can be redeemed by EEI after five years. The issuance will occur via a private placement, exempting it from Securities and Exchange Commission registration. EEI also revealed plans to invest P3.
85 billion across its subsidiaries, including EEI Power Corp., EEI Ventures Inc., EEI Construction and Marine Inc., and EEI Ltd., to support their expansion. Furthermore, EEI signed a memorandum of understanding with PH Resorts Corp. to assist in reviving the stalled Emerald Bay resort and casino project in Cebu. This investment drive comes on the heels of EEI's strong financial performance in the first nine months of 2024, registering a net income of P62.7 million compared to a P292-million loss in the same period last year
EEI Preferred Shares Capital Raise Expansion Investments Real Estate Power Projects
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