Dominion Holdings Inc., a company controlled by the Sy family, has secured board approval for a merger with Indophil Resources Phils. Inc. and Sonar Holdings Inc., the latter holding voting rights in Sagittarius Mines Inc. — the entity behind the Tampakan Copper-Gold Project in South Cotabato. Widely recognized as Southeast Asia’s largest undeveloped copper and gold deposit, Tampakan carries an estimated gross value reaching $200 billion.
In a regulatory disclosure, Dominion stated the board regards the merger as a strategic move capable of driving long-term growth and returns for shareholders, aligning with the firm’s stated direction to operate as a holding company focused on mining investments. Directors have authorized management to finalize the merger’s exchange ratio in consultation with an independent fairness valuator, who will establish the appropriate valuations for Dominion and the two absorbed companies. Upon completion, all assets, rights, and liabilities of Indophil and Sonar will transfer to Dominion as the surviving entity, with new Dominion common shares issued to their respective shareholders — a transaction the company expects will create added value for existing investors.
The transaction positions Dominion to become the Philippines’ largest mining company, as the Sy family consolidates key assets under its umbrella. Dominion has already gained control of Atlas Consolidated Mining and Development Corp. from the Ramos family, boosting its stake to 54.48 percent through the purchase of a 20.43 percent interest from Anglo Philippine Holdings Corp. A deed of assignment has been signed to acquire subscription rights to 727.2 million Atlas shares for P857 million in cash. Frederic C. DyBuncio, president and CEO of SM Investments Corp. — the Sy family’s primary holding vehicle — confirmed plans to transfer additional mining assets from SMIC to Dominion within the coming year, further unifying the family’s mining interests under the listed entity.
Alongside the merger approval, Dominion is undertaking internal restructuring, reducing its board size from 11 to seven directors and increasing its authorized capital stock to P30 billion from the current P3.42 billion. The expanded capital will consist of 29.75 billion common shares at a P1 par value and 2.5 million preferred shares carrying a P100 par value.
