House of Investments Inc., the investment holding company of the Yuchengco Group, said Tuesday it sold a 20 percent stake in listed construction firm EEI Corp. to RYM Business Management Corp.
RYM, the majority owner of listed Prime Media Holdings Inc., is an investment holding company controlled by House Speaker Ferdinand Martin Romualdez. RYM owns 66.2 percent of Prime Media.
The 207.3 million shares sold to RYM is nearly half the 44.7 percent stake of House of Investments in EEI worth around P484.7 million based on Tuesday’s stock price at the Philippine Stock Exchange (PSE). Financial details to the transaction were not immediately disclosed. The deal makes RYM the third largest EEI shareholder.
EEI is one of the lead construction companies in the Philippines offering a broad range of construction and engineering services.
