EEI Corp., one of the country’s largest construction groups, said Wednesday its board approved the issuance of 20 million Series C preferred shares through a private placement.
The construction firm has engaged RCBC Trust Corp. to manage the private placement of preferred shares, with a par value of P0.50. Financial details of the private placement are yet to be finalized.
The preferred shares are cumulative, non-voting, non-participating, non-convertible, redeemable, and non-reissuable preferred shares will be perpetual, with EEI holding the option to redeem them seven years from issuance.
The net proceeds from the offering will be used to strengthen EEI’s balance sheet, retire working capital loans, fund future projects, and support general working capital needs.
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