EEI Power Selling Stakes In PetroEnergy Units

The Yuchengo Group's construction arm, EEI Corp. said that subsidiary EEI Power Corp. would be selling its stakes in all joint ventures with PetroEnergy Resources Corp., an energy firm under the same conglomerate.

Photo Insert: EEI said that EEI Power had signed a share purchase agreement with PetroEnergy for shares in PetroSolar Corp., PetroGreen Energy Corp. and PetroWind Energy Inc.

EEI said that EEI Power had signed a share purchase agreement with PetroEnergy for shares in PetroSolar Corp., PetroGreen Energy Corp., and PetroWind Energy Inc.

EEI Power will sell 6,993,800 common shares of PetroSolar at P206.46 apiece, 213,675,516 common shares of PetroGreen at P2.78 each, and 2,865,408 common shares in Petrowind for P227.38 per share.

Payments — to be made in cash — will be in tranches with completion expected by August 2023.

Proceeds from the transactions will be used to reduce EEI's debt obligations and provide working capital as it gears up for additional construction business in the Philippines and abroad.

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