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Manila Bulletin devider Business devider The Stock Market devider Helen Y. Dee steps down as EEI Chair

Helen Y. Dee steps down as EEI Chair

Published May 5, 2023 07:37 am
EEI Corporation reported the resignation of Helen Y. Dee as the Chairperson of its Board and the election of two new Directors following the Yuchengco Group’s sale of a 20 percent stake in the company to RYM Business Management Corporation of House Speaker Martin Romualdez. In several disclosures to the Philippine Stock Exchange, EEI said its Board has accepted the resignation of Dee as Chairperson and the relinquishement of her seat in the Board “for personal reasons.” House of Investments Chairperson Helen Yuchengco Dee
Dee was a Director of EEI for more than 20 years. She also resigned from her positions as the Chairperson of the Executive Committee and the Compensation and Stock Option Committed. After her resignation was accepted, the EEI Board unanimously elected Lorenzo V. Tan to replace Dee as Chairman “to serve until his successor is duly qualified and elected.” EEI Chairman Lorenzo V. Tan
The EEI Board also accepted the decision of Roberto Jose L. Castillo to retire as member of the Board after 18 years of service. To fill the two vacancies in the Board, Atty. Remegio C. Dayandayan Jr. was elected director while Atty. Carlos Alfonso T. Ocampo was elected as independent director. Dayandayan is currently the Chairman and President of RYM and a director of Bright Kindle Resources and Investments Inc. He has also served as director of AG Finance Inc. Ocampo was also an independent director of Bright Kindle from 2014 to 2021 and independent director of Marcventures Holdings Inc. in 2013. RYM acquired the 20 percent stake in EEI from the Yuchengco Group’s flagship House of Investments for P1.25 billion consisting of 207.26 million EEI shares at P6.0312 per share. With the entry of RYM as its new strategic partner in EEI, House of Investments’ stake in EEI has been reduced to 35.346 percent. HI said it decided to allow the entry of RYM into EEI because “The opportunities in the construction sector can be best explored with a strategic partner” and the cash raised will allow it to “Reduce exposure to increasing interest rates by using the proceeds to reduce the loans.” The RYM acquisition was paid in cash and the purchase price represented a 15 percent discount to the book value of EEI.
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