Isidro A. Consunji has been elected chairman of Dominion Holdings Inc., replacing SM Investments Corp. (SMIC) President Frederic C. DyBuncio, as the Sy and Consunji groups move to realign leadership within their joint investment vehicle amidst a strategic shift toward mining.
In a disclosure to the Securities and Exchange Commission dated March 30, Dominion said it accepted the resignation of DyBuncio as chairman for “board organization reasons,” while he remains president and a director of the company.
The board also approved the appointment of Consunji as chairman, as well as Tephanie M. Gandia as assistant corporate secretary, who also continues to serve as the company’s corporate information officer.
The leadership changes follow a broader board overhaul on March 17, when Dominion replaced its directors with representatives from the Sy and Consunji groups, consolidating control of the firm between the two conglomerates.
The reshuffle comes as Dominion shifts its focus toward extractive industries, following its acquisition of Monte Sur Equity Holdings Inc. for PHP 2.54 billion earlier this year.
Monte Sur, which is linked to the Sy family, acquired a 70% stake in Dominion from BDO Unibank, triggering a mandatory tender offer for the remaining shares, although public participation was limited.
Market speculation surrounding the transaction has centered on the possible inclusion of the Tampakan copper and gold project into Dominion’s portfolio.
Tampakan, located in Mindanao, is considered the largest undeveloped copper and gold deposit in Southeast Asia, with ownership tied to the Sy, Consunji, and Alcantara groups.
The consolidation of mining-focused executives on Dominion’s board suggests the company may serve as a primary vehicle for managing these large-scale mineral assets moving forward.
DyBuncio, meanwhile, remains chairman of Atlas Consolidated Mining and Development Corp., where SMIC holds a significant stake, as the group continues to review its position in its mining investments.
What role could Dominion Holdings play in the future development of major mining assets such as Tampakan?
Follow Ang Minero on Facebook and LinkedIn for more updates.
