THE electricity arm of EEI Corp. has recently forged retail electricity supply (RES) deals with the Laguna-based Centro Mall and animal feed manufacturer Limcoma Multi-purpose Cooperative, the listed construction firm said in a disclosure on Tuesday.
The establishments are among the first accounts which EEI Energy Solutions Corp. was able to close within six months after the firm received its RES license from the Energy Regulatory Commission.
Both facilities are said to require over 500 kilowatts of power supply each. To date, EEI Energy’s total contracted capacity stands at around 3.5 megawatts.
“These accounts will definitely be the first of many customers we will serve with our unique offerings. While we look forward to a lasting and sustainable business relationship with our customers, we are aggressively working on providing the same, if not more, level of service to other contestable customers across the Luzon and Visayas market” EEI Energy’s Operations Manager Valia Quinajon said.
EEI Energy is a wholly owned unit of EEI Power Corp., which is fully owned by listed construction firm EEI Corp.
In the same regulatory filing, EEI Corp. said EEI Energy is scaling up its presence in “untapped market segments” such as areas in the Visayas, and North and South Luzon while leveraging the business relationship between its parent firm and its subsidiaries.
“It will just be a matter of time for EEI Energy to carve its place in the retail energy space as one of the most innovative retail electricity suppliers in the country and be able to deliver quality service to our customers,” said EEI Energy General Manager Salvador M. Salire, Jr.
In a separate disclosure on Tuesday, EEI Corp. announced that it is in the middle of conducting a follow-on offering (FOO) of its preferred shares, the registration of which is pending with the corporate regulator.
“The company will make the proper disclosure of the terms of the FOO at the proper time once the necessary approvals have been secured,” the company said.
A member of the Yuchengco Group of Companies, EEI Corp. is primarily engaged in the installation, construction and erection of power generating facilities, oil refineries, chemical production plants, and other structures.
The company previously reported a second quarter net income attributable to equity holders of P250.17 million, swinging to profit from previous year-on-year losses of P843.35 million, after generating higher revenues from its construction contracts as well as merchandise and property sales.
EEI Corp. shares at the local bourse shed 6% or 45 centavos to finish at P7.05 apiece on Tuesday. — Angelica Y. Yang
