EEI transfers P164-M Tanza training facility to subsidiary – BusinessWorld Online
EEI CORP. has approved the transfer of its P164-million training facility in Tanza, Cavite, to its subsidiary EEI Training Academy Corp. through a tax-free property-for-share swap, a move aimed at consolidating the company’s training operations.
“The asset transfer is expected to enhance operational efficiency and reduce friction costs across the organization,” the construction firm said in a disclosure to the exchange on Tuesday.
The two-storey facility, completed in December 2024, supports both classroom learning and hands-on construction training. It offers courses in welding, electro-mechanical work, infrastructure, and managerial development.
EEI said the transaction, completed on Monday, will allow the academy to streamline its processes and strengthen its capacity to upskill workers for domestic and overseas projects.
In 2023, EEI announced plans to build the Tanza center to train engineers and staff in supervisory development, project management, and technical courses to support its growing project pipeline.
On Tuesday, shares of EEI fell by 4.76% or 15 centavos to close at P3 apiece on the stock exchange. — Alexandria Grace C. Magno
