The investment in EEI, whose major shareholders include the Yuchengco family, will be executed through an unmanned management-led investment vehicle.
Other details, such as the buyout price, were provided. Apart from construction, EEI is in talks to acquire the stalled Emerald Bay casino project of Davao-based tycoon Dennis A. Uy.
Antonio, a longtime banking veteran at the Yuchengco-led Rizal Commercial Banking Corp., became president and CEO of EEI in March 2023.
“We have spent a lot of effort in the past two years restructuring the company following the devastating impact of the pandemic and I believe we’ve made progress in this area,” Antonio said.
“I also see opportunities for us to make serious headway in transforming the business and diversifying into sectors such as real estate development and power. This management buyout underlines our belief in EEI’s overall growth potential. It will also provide us with a very direct impact on our own future as an organization,” he added.
Antonio previously oversaw enterprise projects at RCBC and previously served as vice chairman and head of advisory at KPMG.
He was also CFO of PruLife UK and head of risk at Aegon USA. He holds a bachelor’s degree in accountancy from the University of San Diego and a strategic management C25 certificate from INSEAD/Wharton.
