SM Investments Corp. and DMCI Holdings Inc. are reshaping Dominion Holdings Inc. as they move to build the listed company into a major Philippine mining group through the consolidation of copper and gold assets.
The leadership overhaul, approved by Dominion’s board on Sept. 14, puts executives from both conglomerates at the helm as the company takes a sharper turn toward mining.
Frederic C. DyBuncio, president and chief executive officer of SM Investments, was named Dominion president and CEO, while Isidro A. Consunji, chairman, president and executive director of DMCI Holdings, was appointed chairman.
The changes follow Monte Sur Equity Holdings Inc.’s acquisition of a 70 percent stake in Dominion from BDO Unibank, the banking arm of SM Investments.
Dominion is consolidating Indophil Resources Philippines Inc. and Sonar Holdings Inc., which together hold 100 percent of the voting rights and major ownership interests in Sagittarius Mines Inc., developer of the Tampakan copper-gold project.
The company is also positioning for broader integration of mining assets, including SM Investments’ 34 percent stake in Atlas Consolidated Mining and Development Corp., which operates Carmen Copper Corp.
The move could transform Dominion from an investment holding company with interests in real estate, securities and other assets into a more focused mining platform with exposure to major copper and gold projects.
Veteran banker Raymundo Martin M. Escalona was appointed executive vice president, bringing more than 35 years of experience in corporate banking, finance and treasury. He previously held senior posts at Chinatrust, ANZ Manila, BDO and Deutsche Bank, and served as president of Udenna Corp. and PH Resorts Group Holdings Inc.
Fernando A. Rimando was named EVP, treasurer and CFO, while Vicky Castillo Lim Tan became lead independent director. Elmer B. Serrano was appointed corporate secretary and Tephanie M. Gandia assistant corporate secretary and corporate information officer.
The board also reorganized its committees, with Consunji heading the Executive Committee, Leonardo D. Cuaresma Jr. the Audit Committee, and Rosmari D. Carandang the Risk Management Committee.
Tan will chair the Corporate Governance and Related Party Transactions committees.
