EEI Corp. said its board had approved the sale of its stake in subsidiary BiotechJP Corp. for P50 million to Earthman Consulting & Development Corp.
In a stock exchange disclosure on Wednesday, EEI said it had executed a deed of assignment on Nov. 7 with Earthman, which is engaged in agricultural business.
The listed construction company is assigning its 181,815 common shares in BiotechJP, which accounts for 60% of the total outstanding capital stock, to Earthman.
The sale of its BiotechJP interest is part of EEI’s exit from its noncore business, it said.
In September, EEI announced that it was finalizing the terms and conditions of its planned divestment from BiotechJP, which is into food manufacturing and therapeutic food products.
Last month, the company said its board approved P743 million in additional investments in a unit of its subsidiary EEI Ltd., which will fund the latter’s current and future projects.
EEI is primarily engaged in the construction of power-generating facilities, oil refineries, chemical production plants, rails, ports, expressways, and high-rise towers.
At the local bourse on Wednesday, shares in the company shed one centavo or 0.18% to end at P5.49 apiece. — Ashley Erika O. Jose