C04080-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common Shares | 776,465,281 |
The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.
Subject of the Disclosure |
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Approval by the Board of Directors to bring in a new strategic partner to EEI Corporation. |
Background/Description of the Disclosure |
The Board of Directors approved to sell 148,664,942 common shares, representing 14.346% of the outstanding common shares of EEI Corporation to Industry Holdings and Development Corp.(IHDC) for a total consideration of PhP1,075,555,630. No agreement has been signed yet. |
Date of Approval by Board of Directors |
May 19, 2023 |
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Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction |
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IHDC’s entry as a strategic partner is deemed beneficial to EEI’s growth plans and restructuring efforts. Aside from having a partner that will improve the performance of EEI, the proceeds will be used to increase the capitalization of a subsidiary by subscribing to preferred shares in ATYC, Inc. |
Date | TBA |
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Manner |
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Cross - Block Sale through PSE |
Description of the company to be acquired or sold |
EEI Corporation (PSE:EEI) is one of the largest Philippine construction and general contracting firms having domestic and international operations spanning from Asia to the Kingdom of Saudi Arabia. |
Number of shares to be acquired or disposed | 148,664,942 |
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Percentage to the total outstanding shares of the company subject of the transaction | 14.35 |
Price per share | 7.2348 |
Nature and amount of consideration given or received |
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Cash Settlement through crossing broker for PhP1,075,555,630. |
Principle followed in determining the amount of consideration |
Book value. |
Terms of payment |
Cash settlement through crossing broker. |
Conditions precedent to closing of the transaction, if any |
Approval of the PSE for the application of Block Sale |
Any other salient terms |
None |
Name | Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates | |
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Industry Holdings and Development Corp. | None |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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IHDC is owned by the Chua Group, headed by Mr. Francis Chua, a successful construction engineer with established |
Other Relevant Information |
None. |
Name | Ma. Esperanza Joven |
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Designation | Vice President |