EEI acquires Cavite property firm for P2.8B

Listed construction company EEI Corp. has acquired 100 percent of First Orient International Ventures Corp. (FOIVC) from KC Land Oriental Pacific Inc. for P2.8 billion.

In a disclosure to the stock exchange on Thursday, EEI said the deal was executed on 15 October through a Share Purchase Agreement covering 46,805 common shares.

FOIVC is a domestic corporation engaged in acquiring, developing, selling, leasing, and holding real estate property for investment and other purposes. 

It currently owns and has rights over a total of 49 hectares of land located in Cavite province.

Last August, EEI announced its plan to diversify into real estate, using its 139-hectare land bank to launch projects in Makati, Quezon City, Bataan, Cavite, and Pampanga.

The company said the developments will support the government’s affordable housing program, including an Affordable Luxury Micro Condominium in Clark and a township project in Cavite with residential, commercial, office, and leisure components.