Listed construction firm EEI Corp. saw its construction deals hitting record levels after striking a deal involving a major power project being developed in Mindanao.
In a disclosure to the Philippine Stock Exchange, EEI Corp. said on Thursday the P9.9-billion contract it recently signed with NEPC Power Corp. has helped the company’s construction deals rise to as much as P35 billion.
EEI signed the P9.9-billion contract with NEPC Power Construction for the construction of a three-unit, 405 MW coal-fired power plant for FDC Utilities. This project is considered one of the major projects currently being developed in Mindanao.
“With this new project, EEI’s level of workable contracts hit the P35 billion mark, the highest in the history of the Company,” EEI told the local bourse.
According to the company, two-thirds of its current orders consist of domestic construction projects, while the remaining one-third are foreign-based projects.
EEI’s existing projects include high-rise residential and commercial buildings,
infrastructure projects, industrial plants, wind farms and other power plant projects, spread all over the Philippines and in the
Kingdom of Saudi Arabia through its joint venture company, ARCC.
Last year, the Yuchengco-led contractor has earmarked P483 million to invest in new construction equipment and other fabrication capabilities.
EEI President and Chief Executive Officer Roberto Jose Castillo in his report to the company’s most recent annual stockholders’ meeting revealed that the company plans to further strengthen its business ventures overseas especially in the Middle East and Singapore.