A management-owned company led by EEI Corp. President and CEO Henry D. Antonio is acquiring the 20 percent stake of RYM Business Management Corp.
, a firm controlled by the family of House Speaker Martin Romualdez, in the Yuchengco-led company. “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 in a stock exchange filing on Wednesday. “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.
” Beyond this transaction, Antonio said the company will continue to seek opportunities for employees to acquire more shares and have a greater stake in EEI’s future. Aside from RYM Business Management, EEI’s principal stockholders include the Yuchengco Group’s House of Investments, Industry Holdings and Development Corp. of the Chua Group, and Shenton Resources.
A longtime banking veteran, Antonio served as president and CEO of EEI starting in March 2023. Before joining the construction firm, he oversaw enterprise projects at Rizal Commercial Banking Corp. (RCBC) and previously served as vice chairman and head of advisory at KPMG.
Last year, EEI signed a Memorandum of Understanding with Dennis Uy’s PH Resorts Group Holdings, Inc. (PHR) to explore a potential partnership to help complete the long-delayed Emerald Bay Project. If finalize.