EEI Corp., led by bilyonaryo Helen Yuchengco-Dee, is getting a new investor as it gears up to expand its foreign portfolio.
Babbler reported that a local investor with interests in mining and media is reportedly buying at least 20% of the construction giant, which has a market capitalization of P5 billion.
The Yuchengcos’ House of Investments own 55 percent of EEI with the balance held by the public.
Babbler said this was the reason why the stock has surged by over 60% over the last three days to close at P4.86 on April 25.
Babbler said the local investor is expected to provide EEI with international connections to secure construction and engineering projects abroad, specifically in Saudi Arabia, where Saudi Crown Prince Mohammed bin Salman is spending aggressively to transform the desert kingdom.
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