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MANILA, Philippines – Listed construction firm EEI Corp. is raising P4 billion through a private placement of a new series of preferred shares as it seeks fresh funding for expansion, working capital and debt repayment.
In a disclosure on Wednesday, the construction giant backed by the Yuchengco family said its board of directors approved the issuance of 40 million Preferred Shares Series “E” at a par value of P0.50 each and an offer price of P100 per share, resulting in an aggregate transaction value of P4 billion.
READ: EEI bags P1.6-B residential, hospitality projects
The shares will be subscribed through a private placement.
