C03249-2023 |
Title of Each Class | Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding | |
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Common | 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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Signing of the deed of sale with RYM Business Management Corporation |
Background/Description of the Disclosure |
In connection with the disclosure of the Company on the signing of the Deed of Sale for 20% of EEI to RYM Business Management Corporation where HI will reduce its stake to 35.346%. |
Date of Approval by Board of Directors |
Apr 25, 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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The opportunities in the construction sector can be best explored with a strategic partner |
Date | Apr 28, 2023 |
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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 | 207,256,297 |
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Percentage to the total outstanding shares of the company subject of the transaction | 20 |
Price per share | 6.0312 |
Nature and amount of consideration given or received |
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Cash Settlement through crossing broker for PHP1.25 Billion |
Principle followed in determining the amount of consideration |
15% discount to Book |
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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RYM Business Management Corporation | NONE |
Effect(s) on the business, financial condition and operations of the Issuer, if any |
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The opportunities in the construction sector can be best explored with a strategic partner |
Other Relevant Information |
NONE |
Name | Jose Genaro Layug |
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Designation | FP&A Manager |