LISTED construction giant EEI Corp. on Friday said its board of directors had authorized an additional investment of around P1.46 billion in its wholly owned subsidiary, EEI Ltd.
EEI told the stock exchange the investment would help fund current and upcoming expansion projects abroad.
Last October, EEI announced it would be investing roughly P743 million in the subsidiary to support existing and future projects of Al Rushaid Construction Co. Ltd. (ARCC), the joint venture of EEI Ltd. with Al Rushaid Petroleum Investment Corp.
Incorporated in the British Virgin Islands, the subsidiary was established to expand EEI's overseas construction services, particularly in the Middle East and Asian markets.
In a separate disclosure, EEI expressed support for the Kingdom of Saudi Arabia's (KSA) Vision 2030 initiatives, a master plan to transition away from reliance on oil and toward other future growth industries.
EEI believes that the KSA's Vision 2023 could impact and create opportunities for Filipinos as well.
"The multiplier effect of Saudi's grand plan can also mean a great demand for [the] Filipino workforce that would ultimately benefit their families and loved ones," Henry Antonio, EEI president and chief executive officer, said in a statement.
The KSA is expected to invest heavily in construction projects such as water systems, treatment facilities, roads and bridges, and residential developments to meet the growing needs of its population. It is also beefing up its transportation sector, and Antonio expressed optimism that EEI would be able to contribute to the kingdom's infrastructure development.
"EEI's vast experience and reliability in projects with our international partners is further evidence of our excellence and readiness to undertake massive projects here and abroad."
Last year, EEI inked a memorandum of understanding with Samsung Engineering NEC Co. Ltd. in Saudi to collaborate on projects that could create more jobs for Filipinos there.
The construction company, through ARCC, has been present in Saudi Arabia since 1993, having employed some 4,592 Filipinos as of Dec. 31, 2023.
EEI shares were unchanged at P5.99 each on Friday.