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Manila Bulletin devider Business devider The Stock Market devider Dominion Holdings to target mining after Monte Sur acquisition

Dominion Holdings to target mining after Monte Sur acquisition

Published Jan 23, 2026 10:09 am
Dominion Holdings Inc., the former leasing arm of BDO Unibank Inc., is pivoting toward the mining industry following a ₱2.54 billion acquisition by Monte Sur Equity Holdings Inc. that shifts control of the investment vehicle.
In a disclosure to the Philippine Stock Exchange, Dominion said its new leadership intends to refocus the company’s mandate toward acquiring stakes in mining corporations or entities with active mining operations.
Monte Sur already holds interests in several mining-related ventures, providing a strategic foundation for the shift.
Despite the declared change in direction, Dominion cautioned that there are currently no definitive plans for specific investments or acquisitions.
The company’s new board will be led by President and Chairman Jorge T. Mendiola, alongside directors Epitacio B. Borcelis, Luis Y. Benitez, and Corazon I. Morando. Elmer B. Serrano will serve as corporate secretary.
Monte Sur purchased 1.51 billion shares from BDO Unibank at ₱1.68 per share, thereby acquiring a 70 percent controlling stake in the company. The purchase price was determined based on Dominion’s estimated net asset value of ₱3.42 billion, plus a ₱200 million premium agreed upon for the controlling interest.
While BDO Unibank is divesting its majority position, the Philippines’ largest lender will retain an 18.54 percent minority interest in the firm.
The divestment aligns with BDO Unibank’s long-term strategy to streamline its organizational structure.
The bank began transitioning the entity, formerly known as BDO Leasing and Finance Inc., into a holding company in 2020. The Securities and Exchange Commission approved the name change to Dominion Holdings on July 18, 2022, shortly after the company surrendered its authority to operate as a financing company.
The deal remains subject to a mandatory tender offer by Monte Sur, a regulatory requirement under the Philippine Securities Regulation Code triggered by the change in corporate control. By operating as an investment holding company rather than a specialized financier, Dominion expects to gain the flexibility required to pursue diverse capital opportunities in the commodities sector, potentially enhancing value for its remaining public and institutional shareholders.
Monte Sur, which has a fully-paid authorized capital stock of ₱2 billion, is 60 percent owned by the Filipino firm Ashdale Holdings Inc. and 40 percent by British Virgin Islands-based Freeport Investments Ltd.

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Dominion Holdings Inc. BDO Unibank Inc.
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