EEI Corp. said on Friday it will buy majority stake in Biotech JP Corp. as part of efforts to diversify its business.
In a disclosure to the stock exchange, the listed construction firm said it will acquire 60% equity stake in the Philippine unit of Niigata-based Biotech Japan Corp.
“This investment is in line with the Corporation’s diversification strategy and contribution to the sustainability goals of the country,” it said, without disclosing the amount of the equity investment.
Biotech JP’s primary business is the production of food products using Japanese patented bacteria biotechnology for the preservation and packaging of rice.
Among the company’s off-the-shelf rice products are protein rice, pre-cooked packed rice, calorie reduced pre-cooked rice, and ready-to-eat rice.
“Biotech also has patented bacteria biotechnology for increasing yields of rice plants while eliminating the use of phosphate based fertilizers which pollute farmlands and bodies of water,” EEI added.
For the first nine months of the year, the Yuchengco-led EEI reported its net income attributable to parent stood at P690.3 million, up 36% from P507.3 million a year ago. This was on the back of 50% rise in consolidated revenues to P15.9 billion, mainly from domestic construction projects.
The Yuchengco group that leads the construction firm also has businesses in real estate (EEI Realty Corp.), energy (PetroEnergy Resources Corp.), manpower services (Gulf Asia Manpower Services, Inc.) and sale of goods (Equipment Engineers, Inc.). — Denise A. Valdez