BDO sells DHI stake

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January 21, 2026 | 12:00am

MANILA, Philippines — BDO Unibank Inc. has agreed to sell its controlling stake in listed Dominion Holdings Inc. in a deal valued at about P2.54 billion, as the country’s largest lender continues to streamline its corporate structure following DHI’s conversion into an investment holding company.

In a disclosure to the Philippine Stock Exchange, DHI said it received advice from parent firm BDO that it signed a share purchase agreement with Monte Sur Equity Holdings Inc. on Jan. 19 for the sale of 1.51 billion shares, equivalent to 70 percent of DHI.

The transaction will be carried out through a block sale of shares on the Philippine Stock Exchange.

“The disposition of DHI is aligned with the BDO Group’s continuing policy of streamlining its organizational structure following the conversion of DHI into an investment holding company,” the company said.

Following the signing of the agreement, DHI requested a voluntary suspension of its shares on the local bourse.

The closing of the transaction remains “subject to customary closing conditions for transactions of this nature, including the conduct of a mandatory tender offer by the buyer” in accordance with the Securities Regulation Code.

With the sale, BDO will be paid based on its share in DHI’s net asset value plus a P200 million premium agreed by the parties. DHI’s net asset value as of the closing date is estimated at P3.42 billion.

This puts the total consideration for the 70 percent stake at about P2.54 billion, or roughly P1.68 per share. The purchase price will be paid in full upon the closing of the transaction.

After completion, DHI “shall cease to be a subsidiary of BDO,” the disclosure said. Monte Sur was described as “a related party to certain shareholders of the bank.”

In a separate disclosure, BDO announced that it has shortened the offer period for its fifth peso-denominated ASEAN sustainability bonds issuance after drawing strong demand from both retail and institutional investors. The offer, which was originally scheduled to run from Jan. 7 to 19, was closed early on Jan. 16.

The bank said the latest ASEAN sustainability bonds have a tenor of three years and carry a coupon rate of 5.7125 percent per annum. The issue, settlement and listing date is set for Jan. 26.

The net proceeds of the issuance are intended to “finance and/or refinance eligible assets as defined in the bank’s Sustainable Finance Framework, support the bank’s lending activities and diversify the bank’s funding sources.”