South Korea’s Hanjin Heavy Industries & Construction Co. Ltd. (HHIC) has partnered with Yuchengco group-led construction firm EEI Corp in Philippines.
In a stock exchange announcement, EEI said that it formed a partnership with HHIC for upcoming construction projects. No other details were provided by both companies regarding the deal.
The two companies have previously teamed up for local projects such as the Berth 6 Manila International Container Project.
According to a report in Inquirer, the strategic alliance is seen to make use of HHIC’s special intellectual property in underground infrastructure, railway and airport construction projects. HHIC is thus expected to continue doing business in the Philippines even when the Subic shipyard will be sold in the future.
HHIC’s Philippines unit, Hanjin Heavy Industries and Construction Philippines (HHIC-Phil), filed for corporate rehabilitation last January before an Olongapo court that left some $412 million in outstanding loans from BDO Unibank, Inc. Metropolitan Bank & Trust Co., Land Bank of the Philippines, Bank of the Philippine Islands and Rizal Commercial Banking Corp.
EEI successfully participated in numerous infrastructure, electromechanical and building projects, with substantial operations in the Philippines and other countries.