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Keisha Ta-Asan - The Philippine Star
March 18, 2026 | 12:00am
In a disclosure, the country’s largest bank said the deal involves the sale of 1.51 billion shares, equivalent to 70 percent of DHI, to Monte Sur Equity Holdings Inc. at about P1.68 per share.
STAR / File
MANILA, Philippines — BDO Unibank Inc. expects about P2.54 billion from the sale of its controlling stake in Dominion Holdings Inc. (DHI), a transaction that will also result in the firm ceasing to be a subsidiary of the Sy-led bank.
In a disclosure, the country’s largest bank said the deal involves the sale of 1.51 billion shares, equivalent to 70 percent of DHI, to Monte Sur Equity Holdings Inc. at about P1.68 per share.
“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,” BDO said.
The transaction is subject to closing conditions, including regulatory approvals.
Following the change in ownership, DHI is undergoing a sweeping leadership overhaul. In a separate disclosure, DHI said its board accepted the resignation of nine directors, including Elmer Serrano, Luis Ma. Uranza and other members, effective immediately.
The company subsequently elected a new set of directors, led by prominent business figures such as Henry Sy Jr., Frederic DyBuncio and Isidro Consunji, alongside independent directors including retired Supreme Court associate justice Rosmari Carandang.
DHI also named DyBuncio as chairman and president, with Fernando Rimando appointed treasurer and Serrano as corporate secretary.
“The board, still constituting a quorum, approved the election of the new directors of DHI, effective immediately, to serve as such until their successors are fully qualified and elected,” DHI said.
Alongside the board changes, DHI approved amendments to its articles of incorporation, including the transfer of its principal office to Pasay and the reduction of its board size from 11 to seven members.
The company also postponed its annual stockholders’ meeting originally set for April 16 to allow time to comply with regulatory requirements and enable shareholders to review the proposed changes.
DHI, formerly known as BDO Leasing and Finance Inc., is being repositioned as an investment holding company as part of the broader restructuring within the BDO Group.
