This follows Monte Sur’s acquisition of about 70 percent of Dominion Holdings from Sy-led BDO Unibank, effectively handing control of the company to the new owner.
DHI said in a preliminary tender offer report that 58,530 shares, equivalent to 0.003 percent of DHI’s outstanding stock, were tendered during the offer period that ended March 11, showing almost no participation from public investors.
A tender offer allows a buyer to purchase shares directly from existing shareholders at a fixed price, usually as part of gaining or consolidating control of a company.
Monte Sur offered P1.7 per share for Dominion shares, significantly lower than its current market price of P4.17 per share as of Friday.
Monte Sur is led by executives connected with SM Investments Corp., SM Prime and its various units. Jorge T. Mendiola, a longtime director at SM Prime, is Monte Sur’s chair and president, a 2024 regulatory filing showed.
Speculation on DHI’s plans has also centered on the Tampakan copper-gold project, said to be one of Southeast Asia’s largest undeveloped mineral deposits.
The project is backed by the Sy group alongside partners including the Alcantara Group and the Consunji family.
—Edited by Miguel R. Camus
