The share price of dormant firm Dominion Holdings Inc. (DHI) surged 50 percent to P2.10 on Friday amid investor speculation that the Sy family could use the company for a backdoor listing of its mining assets, including the Tampakan gold and copper project.
“As of now, there are no definitive plans for investments or acquisition of interest for DHI, but the declared intent is to invest in or acquire shares of mining corporations or corporations with mining operations,” DHI said Friday in a disclosure to the stock exchange.
The Philippine Stock Exchange lifted the trading suspension on DHI shares Friday after the company provided additional data on the change in its controlling shareholder.
The Sy family is the majority shareholder in the Tampakan project in South Cotabato. The project is reportedly one of the largest untapped copper and gold reserves in Southeast Asia, with an estimated 15 million tons of copper and nearly 18 million ounces of gold.
DHI earlier this week said its major shareholder, BDO Unibank Inc., will sell its 70 percent interest in the company to Monte Sur Equity Holdings Inc., a group associated with the Sy family, for P2.54 billion.
Data from the Securities and Exchange Commission showed that Monte Sur is owned by Ashdale Holdings Inc., which is owned by Sy siblings Teresita Sy, Henry Sy Jr. and Hans Sy.
Completion of the sale remains subject to closing conditions, including the receipt of regulatory approvals and a mandatory tender offer by the buyer in accordance with the Securities Regulation Code.
DHI said the new shareholders plan to conduct the tender offer for the remaining shares held by the public from late January to early February 2026.
The move is intended to streamline the corporate structure of BDO Unibank following the conversion of Dominion Holdings into an investment holding firm. DHI, formerly known as BDO Leasing and Finance Inc., recently underwent restructuring to operate as an investment holding company.
