Bilyonaryo Helen Yuchengco-Dee is reshaping the family empire by fully embracing the power sector while moving away from the construction business.
A Babbler said Yuchengco-Dee is reportedly not yet done making big swings as the family’s holding firm, House of Investments, has recently agreed to acquire EEI Corp.’s power generation assets for a total of P2.7 billion.
Additionally, they have accepted P7.5 billion as payment for the sale of their 20 percent stake in the construction and engineering firm.
“The Yuchengco family is going all in on power which they believe is the future. The scuttlebutt in the market is the family will sell all of its remaining interest in EEI,” Babbler said.
Last April 25, HI agreed to pay by August this year P1.443 billion for EEI’s 44 percent stake in PetroSolar, P652.6 million for EEI’s 20 percent stake in PetroWind, and P594 million for 7.5 percent interest in PetroGreen.
The acquisition would firm up HI’s control of these green energy companies through its publicly-listed firm, PetroEnergy Resources Corp. (PERC).
On the same day, HI announced the sale of its 20 percent stake in EE to RYM Management for P7.54 billion. Bilyonaryo.com was the first report HI’s equity sale in EEI.
Yuchengco-Dee has stepped down as EEI chairman after HI’s stake was reduced from 55 percent to 35 percent.
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