Construction firm EEI Corp. on Thursday said it is buying First Orient International Ventures Corp. (FOIVC) from KC Land Oriental Pacific Inc. (KLOPI) for P2.8 billion.
‘The acquisition of FOIVC is part of the company’s long-term growth strategy to evolve from a pure-play construction company into a fully integrated property and infrastructure developer,’ the company said.
‘The parties reached an agreement on the amount of the consideration by imputing a reasonable return on the acquisition by KLOPI of the shares from the previous shareholder.’
First Orient, whose current president is Kevin Kristopher K. Wong and chairman Caesar D. Wongchuking, is a domestic corporation currently engaged in the business of acquiring, using, improving, developing, selling, leasing and holding real estate property for investment and other purposes.
The company currently owns or has rights to 49 hectares of real estate property in Cavite.
Last year, the company recorded a net loss of P472.15 million a reversal of the previous year’s income of P541.29 million.
EEI said its diversification is designed to ‘leverage the company’s extensive construction expertise, robust project management capabilities, and established industry relationships.’
First Orient, whose current president is Kevin Kristopher K. Wong and chairman Caesar D. Wongchuking, is a domestic corporation currently engaged in the business of acquiring, using, improving, developing, selling, leasing and holding real estate property for investment and other purposes.
The company currently owns or has rights to 49 hectares of real estate property in Cavite.
Last year, the company recorded a net loss of P472.15 million a reversal of the previous year’s income of P541.29 million.
EEI said its diversification is designed to ‘leverage the company’s extensive construction expertise, robust project management capabilities, and established industry relationships.’