EEI welcomes new investor, optimistic on potential synergies
22 May 2023 - Construction firm EEI Corporation (EEI) welcomes Industry Holdings and Development Corporation (IHDC) as a new investor.
The House of Investments, Inc. (HOI), the investment holding and management company that includes EEI in its diversified portfolio, confirmed on Friday May 19 that the Board of Directors has decided to sell 14.35% interest in EEI to Industry Holdings and Development Corporation (IHDC). EEI remains a portfolio investment of HI.
“EEI welcomes IHDC; a team that shares the same vision as ours in building a better future. We are excited with the potential synergies we can create that are focused on nation-building, environmental protection, supporting economic growth, and uplifting the quality of life of our own people and the communities we serve,” said EEI President and CEO, Henry Antonio.
IHDC equally expressed optimism over this development as the company’s goal is aligned with EEI’s overall thrust.
“IHDC’s investment in EEI is in line with its mission to help build the nation. We strive to create value for our stakeholders, including our customers, employees, shareholders, and the communities we operate in. IHDC has the same thrust that EEI has; which is to create inclusive growth among all its stakeholders,” stated IHDC President, Noel Jesus Santiago. Moreover, IHDC's entry as a strategic partner is in line with EEI's growth plans and restructuring efforts. “Our technology and advancements in concrete products which enable faster and more economical ways to build provide us synergies that we will take advantage of,” added Mr. Santiago.
EEI is a 92-year old company which has a broad range of construction and engineering services, with expertise in the construction of infrastructure, buildings, and industrial and electromechanical facilities. Years of contracting and collaborating with global contractors, particularly in the Middle East, Africa, and Asia Pacific countries, have enabled EEI to achieve world-caliber project management expertise and competencies in all fields and disciplines of construction. EEI currently has 27,000 employees working across its several construction projects in the Philippines and overseas.
IHDC is a firm engaged in investment, purchase, and acquisition of properties, manufacturing, and logistics. Its manufacturing arm, Concrete Stone Corp. (CSC) was incorporated in 2018 to primarily trade aggregates and started to manufacture aggregates in 2020. CSC is also completing construction of a state-of the art precast concrete manufacturing facility in Mariveles, Bataan. Its logistics subsidiary, Industry Movers Corp. (IMC) was organized in 2018 to handle freight handling and vessel operations.
