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Manila Bulletin devider Business devider The Stock Market devider EEI consolidates real estate units for future IPO

EEI consolidates real estate units for future IPO

Published Dec 4, 2025 10:14 am
Construction firm EEI Corp. is bailing out one subsidiary from ₱11.42 billion in debt while consolidating two units into another subsidiary to create a “pure-play” real estate company for a future initial public offering (IPO).
In a disclosure to the Philippine Stock Exchange (PSE), EEI said its board of directors has approved the acquisition of the liabilities of wholly owned subsidiary First Orient International Ventures Corp. (FOIVC) in exchange for unissued shares in FOIVC.
The assignment of the liabilities is subject to the consent of the creditors, and the issuance of the shares in FOIVC is subject to the approval of the Securities and Exchange Commission (SEC).
EEI’s board has also approved the consolidation of wholly owned subsidiaries EEI Ltd. and EEI Realty Corp. (ERC) under EEI Ventures Inc. (EVI), the company’s designated investment and holding company for its real estate and emerging businesses.
ERC is engaged in real estate business while EEI Ltd. is registered under the laws of British Virgin Islands. It is primarily engaged to purchase or otherwise acquire and undertake the whole or any part of the business, goodwill, assets, and liabilities of any person, firm, or company.
The consolidation will be executed by way of a share-swap agreement whereby EVI will issue 300 million at ₱22.22 per share to EEI in exchange for 100 percent of EEI Ltd. and ERC.
“The move is intended to sharpen strategic focus, improve governance, and enhance long-term value creation. By placing these subsidiaries under EVI, the group can clearly separate its core construction operations from new growth platforms.
“This structure provides better alignment of strategy and capital allocation, while allowing real estate and other ventures to develop at a pace and scale suited to their markets,” EEI said.
The consolidation also supports more efficient capital raising, as investors are increasingly drawn to “pure-play” business units.
Housing non-construction assets under EEI makes it easier to attract strategic partners or explore future financing options without affecting the parent company’s balance sheet.
“The structure provides strategic flexibility for the future—whether through partnerships, joint ventures (JV), or an eventual listing—while keeping the group’s construction operations focused and protected,” EEI said.

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