EEI raises ₱4B in preferred shares to fund newly awarded projects
What's the deal? Philippine engineering firm EEI Corp. is raising ₱4 billion ($64.9 million) through a private placement of preferred shares to repay loans and finance construction projects it recently secured.
The details: EEI's board approved issuing 40 million series E preferred shares at a par value of ₱0.50 each, offered at ₱100 per share, according to a July 15 disclosure to the Philippine Stock ExchangeDealroom has a profile for this one. Try Dealroom →. The shares are cumulative, non-voting, non-participating, non-convertible, and non-reissuable.
They are perpetual unless EEI exercises its sole option to redeem them five years after issuance. Net proceeds will fund general corporate and working capital needs, recently awarded projects, and loan settlement.
Why now? EEI opened 2026 by winning ₱1.6 billion worth of contracts for major real estate construction projects in January and February. Chief executive officer Henry D. Antonio said the work brings the firm closer to its 2026 order book targets and strengthens its presence in the residential and hospitality segments.
The signal: The raise ranks in the 95th percentile among non-VC private placements in Philippine real estate over the past four years, based on 627 comparable deals — a sign of how construction firms are turning to equity instruments to fund order books while paying down debt.
Read more: Redshift Daily
Image credit: @yakobusan Jakob Montrasio
