MANILA, Philippines — The Yuchengco-led House of Investments Inc. (HI) reported it would be selling some of its equity in EEI Corp. to Industry Holdings and Development Corp. (IHDC) as part of an upcoming consolidation.
The move, which will see HI selling 14.35% of its stake in EEI, was announced in a disclosure in the Philippine Stock Exchange on Monday.
“IHDC's entry as a strategic partner is in line with EEI's growth plans and restructuring efforts,” the disclosure read.
HI reiterated that EEI remained a portfolio investment of the company.
IHDC is under the Chua group, helmed by Francis Chua. The firm’s subsidiaries counted Concrete Stone Corp, which produces pre-cast concrete and trades cement products and aggregates, and freight company Industry Movers Corp.
The series of moves came weeks after the departure of heiress Helen Yuchengco Dee as chairperson of EEI in early May.
Days before Dee left the company, EEI sold a 20% stake for P1.25 billion to RYM, House Speaker Martin Romualdez’s private holding company. RYM is the parent company of listed media firm Prime Media Holdings Inc. — Ramon Royandoyan