The stock closed up 29.2 percent to P11.60 on Friday, lifting Dominion’s market capitalization to about P25.1 billion.
It soared as much as 47 percent to a record P13.20 during the session, briefly valuing the company at around P28.5 billion before paring its gains, according to stock exchange data.
Dominion is being studied as a backdoor listing vehicle for the the Tampakan project, backed by Sy and Consunji families, and SM Investments Corp.’s roughly 34.1 percent stake in Atlas Consolidated Mining & Development Corp., according to market insiders.
The Tampakan project in South Cotabato is said to be the largest undeveloped copper-gold project in Southeast Asia.
Atlas rally
Meanwhile, Atlas has emerged as another market darling, gaining 340 percent over the past 12 months, including a 6 percent jump to P15.90 on Friday, on rising metal prices and expectations of a sustained earnings turnaround.
Foreign brokerage CLSA echoed that bullish outlook in an Aug. 5 report, assigning Atlas a 12-month target price of P46 per share.
At that price, Atlas would be valued at about P164 billion, while SM’s minority stake would be worth close to P56 billion. SM management is currently exploring the sale of the company's Atlas stake.
Asset injection
Apart from the Sy family, the Consunjis are also part of Dominion and are looking to operate the mining assets once the final go-signal to inject the projects is given.
Tycoon Isidro Consunji is chair of Dominion, alongside directors such as Henry Sy Jr., Frederic DyBuncio (SM Investments CEO) and DMCI Mining president Tulsi Das C. Reyes.
A market insider said Dominion’s internal restructuring is still ongoing and could be completed toward the end of 2026.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
