The company, whose shareholders include the family of House Speaker Martin Romualdez and the Yuchengco Group, will issue 60 million preferred shares Series D via private placement at P100 per share.
These shares are cumulative, non-voting, perpetual, and redeemable at EEI’s option starting the fifth year.
On Monday, EEI unveiled a P3.85 billion expansion program.
The board allocated P550 million to EEI Limited for international opportunities, P600 million to EEI Construction and Marine Inc., P1 billion to EEI Ventures Inc., and P1.7 billion to EEI Power Corp. for future projects.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
