EEI to raise P2 B via private placement

Listed construction giant EEI Corp. is raising P2 billion via the issuance of preferred shares to bolster the company's balance sheet and fund future projects.

- RICHMOND MERCURIO

In a stock exchange filing, EEI said it secured board approval to issue 20 million preferred shares with a par value of P0.50 from its unissued preferred shares by way of private placement.

EEI said the subscription to the preferred shares by way of private placement has a total aggregate value of P2 billion.

RCBC Trust Corp. will serve as investment manager.