Sy-linked firm buys 70% of Dominion for P2.5B

A group linked to the Sy family will take control of Dominion Holdings Inc. (DHI) by acquiring 70 percent of the listed company from BDO Unibank Inc. for P2.54 billion.

The lender said in a regulatory filing on Tuesday that BDO will sell 1.514 billion shares to Monte Sur Equity Holdings Inc. at P1.68 per share through a block sale on the stock exchange, ending Dominion’s run as a BDO subsidiary. 

“The Transaction is subject to customary closing conditions for transactions of this nature, including the conduct of a mandatory tender offer by the Buyer,” DHI said. The company thus requested a voluntary trading halt ahead of the transaction.

The sale price is based on BDO’s share of DHI’s net assets at closing, estimated at P3.42 billion, plus a P200 million premium, with full payment due on completion. 

DHI, formerly BDO Leasing and Finance Inc., recently restructured into an investment holding company.

Under its new ownership, DHI can now pursue independent investments while BDO streamlines its corporate structure.