EEI acquires First Orient for P2.8 billion

LISTED construction firm EEI Corp. has fully acquired First Orient International Ventures Corp. for P2.8 billion, bolstering its real estate investment holdings.

In a stock exchange disclosure, EEI said it executed a share purchase agreement with KC Land Oriental Pacific Inc. to acquire 100% or 46,805 common shares in First Orient.

First Orient owns 49 hectares of land in Cavite, including Island Cove, a Philippine offshore gaming operator (POGO) hub, and is engaged in acquiring, developing, leasing, and holding real estate for investment purposes.

EEI said the transaction will diversify its revenue streams and add long-term value to its business.

“Real estate development represents a logical and timely progression for EEI. By integrating development into its portfolio, EEI strengthens its competitive position,” the company said.

For the second quarter, EEI reported attributable net income of P18.34 million, down from P59.77 million a year ago, on lower expenses.

Combined revenue for the three months ending June declined 2.66% to P4.03 billion, while total expenses fell 4.6% to P3.73 billion.

At the local bourse on Thursday, EEI shares gained four centavos, or 1.34%, to close at P3.02 each. — Ashley Erika O. Jose