Dominion Holdings Inc. (DHI) is heading toward a possible ownership reshuffle after the company disclosed that Monte Sur Equity Holdings Inc. intends to launch a tender offer for all remaining DHI shares held by the public.
Monte Sur plans to buy out minority shareholders at an estimated price of P1.68 per share, a move triggered by its proposed acquisition of 1.51 billion DHI shares from BDO Unibank Inc. The block represents 70 percent of DHI’s total outstanding shares, effectively handing Monte Sur control of the holding firm once completed.
Under Philippine securities rules, crossing the 50-percent ownership threshold requires a mandatory tender offer to protect minority shareholders—hence the offer now on the table. Monte Sur said it will formally publish its tender offer plan in line with regulatory requirements.
The company will file a Tender Offer Report (SEC Form 19-1) with the Securities and Exchange Commission, with copies furnished to DHI and the Philippine Stock Exchange, before the tender offer period begins.
The filing will spell out the full terms and conditions of the offer, including timelines, settlement mechanics, and any conditions precedent.
At P1.68 per share, the tender offer gives public shareholders a clear exit option, particularly as DHI transitions into a tightly held company.
The move signals a desire by Monte Sur not just for control, but consolidation—simplifying ownership, tightening governance, and potentially paving the way for strategic restructuring down the line.
Market watchers will be eyeing whether the offer price reflects a meaningful premium to recent trading levels, and how much of the public float Monte Sur ultimately succeeds in acquiring.
If the tender offer draws strong participation, DHI could soon find itself with limited public ownership—or edging closer to a future where staying listed becomes optional rather than essential.
Either way, Monte Sur’s move marks a decisive step from shareholder to owner-in-command.
