DHI released added information on its takeover by Monte Sur Equity Holdings Inc., another firm closely linked to the Sys.
Shares of DHI immediately hit the ceiling and surged 50 percent to P2.10 per share.
Domion shifts to mining
“Monte Sur holds shares in companies that have several mining interests,” DHI said in a stock exchange filing.
“Under its new owners and board, DHI proposes to continue the business of DHI as a holding company primarily invested in mining corporations by investing in or acquiring shares of mining corporations or corporations with mining operations,” the company added.
“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,” it added.
Undeveloped Tampakan mine in focus
Speculators are pointing to the Tampakan project, widely described as Southeast Asia’s biggest untapped copper-gold deposits.
The project, previously controlled by Swiss commodities giant Glencore, is now backed by the Sys alongside other shareholders including the Alcantara Group and the Consunji family.
The Tampakan mine has faced years of delays tied to permitting and local restrictions, including South Cotabato’s open-pit mining ban.
Tender offer coming up
Monte Sur is owned 60 percent by Ashdale Holdings, Inc. (Filipino) and 40 percent by Freefort Investments Limited (BVI), based on DHI’s disclosure. Its directors and officers include names linked to the Sy group.
DHI said in the filing that Monte Sur’s mandatory tender offer is expected to start from late January to early February, depending on regulatory approvals and the release of an independent valuation report.
Monte Sur earlier agreed to acquire 70 percent of DHI from Sy-led BDO Unibank for P2.54 billion or P1.68 per share.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
