DHI shares soared 50 percent to P6.03 on heavy trading, signaling aggressive investor bets on a potential pivot to mining.
The rally followed a sweeping board overhaul that brought in tycoons Henry T. Sy Jr., vice chair of SM Investments Corp., and Isidro A. Consunji, chair and CEO of DMCI Holdings Inc.
They were joined by Frederic C. DyBuncio, president and CEO of SM Investments Corp.; Tulsi Das C. Reyes, president and COO of DMCI Mining Corp.; Vicky C. Lim Tan, independent director of Maya Bank and former Asian Development Bank executive; retired Supreme Court Associate Justice Rosmari D. Carandang; and Leonardo D. Cuaresma Jr., former managing partner and chief operating officer of Punongbayan & Araullo.
Elmer B. Serrano was retained as corporate secretary, while Fernando A. Rimando was named treasurer during Dominion’s special meeting on Tuesday.
The new lineup brings together groups with overlapping exposure in Atlas Consolidated Mining and Development Corp., where SM holds a significant stake while DMCI has had minority participation, as well as shared interests in the Tampakan copper-gold project in South Cotabato.
The Alcantara family-led Alsons Consolidated Resources, another key Tampakan project shareholder, surged nearly 47 percent to P0.91 per share on Tuesday.
In early March, DyBuncio said SM Investments is considering reducing or completely selling its 34.1 percent stake in Atlas Consolidated Mining & Development Corp., citing a lack of synergies with its core businesses, with no buyer identified so far.
—Edited by Miguel R. Camus
