Connect with us

Hi, what are you looking for?

News

House of Investments sells more shares in EEI 

THE BOARD of directors of Yuchengco-led House of Investments, Inc. has approved the sale of 14.346% of EEI Corp.’s common shares to Industry Holdings and Development Corp. (IHDC).

“IHDC’s entry as a strategic partner is deemed beneficial to EEI’s growth plans and restructuring efforts,” the listed holding firm said in a regulatory filing on Monday.

“Aside from having a partner that will improve the performance of EEI, the proceeds will be used to increase the capitalization of a subsidiary by subscribing to preferred shares in ATYC, Inc.,” it added.

The company said the move is part of efforts to review its business interests and to consolidate other businesses from the Yuchengco group of companies into House of Investments. Its board approved the block sale of 148.66-million common shares at P7.23 each for about P1.08 billion.

The transaction comes after the company announced the sale of its 20% stake in EEI to the Romualdez family-led firm RYM Business Management Corp. for P1.25 billion at P6.03 each of the 207.26 million common shares.

As a result of both sell-downs, the Yuchengcos will now own about 20.9% of EEI, which will remain as a portfolio investment of the company. EEI is one of the largest construction and contracting firms in the Philippines.

IHDC is owned by a group headed by Francis Chua, a construction engineer with established business interests in construction supply including pre-cast concrete structures, cement and aggregates, as well as investments in the logistics and real estate sectors.

Its subsidiaries include Concrete Stone Corp., which primarily manufactures pre-cast concrete and trades cement products and aggregates, and Industry Movers Corp., a company engaged in freight handling and multiple vessel operations.

To date, no agreement between the two companies has been signed.

Meanwhile, House of Investment’s board approved the acquisition of preferred shares in its wholly owned subsidiary ATYC amounting to P1 billion in exchange for 10 million preferred shares priced at P100 apiece.

The firm said that the additional investment will be used to pay the loans of ATYC, which was incorporated in 2022 and owns the A.T. Yuchengco Centre in BGC, Taguig.

“This will reduce interest payment and exposure to market risk,” it added.

Also on Monday, House of Investments reported an attributed net loss of P8.02 million in the first quarter of the year, a reversal of its P373.88-million net income a year earlier.

It incurred a quarterly loss despite revenues growing 27.1% to P6.71 billion from P5.28 billion in the same period last year. General and administrative expenses increased during the first quarter, along with interest and finance charges.

On Monday, House of Investment shares fell by 2.1% or P0.10 to close at P4.66 apiece. EEI shares declined by 1.67% or P0.10 to P5.90 each. — Adrian H. Halili

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

Standing firm against hunger, Globe launches the Longest Hapag— a five-month nationwide food festival series. The campaign kicks off in time for the commemoration...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Retail sales volumes have fallen this month compared with the same period last year, while staffing levels have dropped sharply, a...

Editor’s Pick

<?xml encoding=”utf-8″ ??> Retail sales volumes recovered slightly by 0.5 per cent in April as the sector was lifted by the Easter holidays, however...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The number of small businesses planning to increase prices to their customers is set to rise dramatically this quarter, further fuelling inflationary pressures. A new...

Editor’s Pick

<?xml encoding=”utf-8″ ??> VivaCity, the transport technology scaleup transforming cities into smarter and more efficient places to live and work, has partnered with Transport...

Editor’s Pick

<?xml encoding=”utf-8″ ??> The Google-owned video platform has confirmed that it’s shutting down YouTube Stories in June. Stories first launched in 2018, and allowed...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.