Rappler
EEI acquires Island Cove operator for P2.8 billion
EEI Corp., a Yuchengco-backed firm, has acquired 100 percent of First Orient International Ventures Corp. (FOIVC) for P2.8 billion, marking its entry into the real estate sector.
This acquisition gives EEI ownership of a 49-hectare property in Cavite previously used as a POGO hub.
FOIVC, the owner of the land, was originally purchased by EEI from KC Land Oriental Pacific Inc.
The Remulla family initially sold the property to FOIVC in 2018, before it was converted into a POGO hub in 2019.
EEI views this move as a strategic diversification of its business portfolio.
The company stated that real estate development is a logical and timely expansion of its services.
EEI aims to strengthen its competitive standing, diversify revenue, and create sustainable living spaces through this venture.
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