The conglomerate plans to sell its roughly 34 percent Atlas stake to Dominion Holdings Inc., consolidating mining interests under the listed shell company owned by the Sy and Consunji families and outside of the SM Group.
“The intention for SMIC is to completely move out from the mining sector and we want to move the shareholding we have in Atlas into another listed entity,” SM president and CEO Frederic C. DyBuncio said during a media briefing on Wednesday.
DyBuncio, also a director at Dominion, said the transfer will be completed sometime in 2027.
These restructuring moves were first reported by InsiderPH.
Mining finds a new home
The planned sale comes as Atlas becomes a bigger earnings contributor to SM Investments, helped by stronger copper and gold prices despite ongoing stripping activities at its operations.
Atlas boosted portfolio-company earnings in SMIC from 7 percent to 11 percent in the first half of 2026.
This underscores the value of the stake SM Investments intends to move rather than dispose of outside the group.
Dominion takes shape
Dominion is already being positioned for mining investments, with the Sy-Consunji-led company set to acquire a 20.43 percent stake in Atlas after taking over Anglo Philippine Holdings Corp.’s subscription rights to about 727.2 million shares.
Once SM Investments’ separate 34 percent holding is transferred, Dominion could emerge with a majority interest in Atlas, subject to the structure and completion of the planned transaction.
Dominion has also been rumored as a potential home for the Sy- and Consunji-backed Tampakan copper-gold project in South Cotabato, suggesting the listed company could eventually consolidate some of the families’ biggest mining interests under one vehicle.
—Edited by Miguel R. Camus
