Kiri Industries Subsidiary Acquires 40% Stake in Makilala Mining for $5.01M
Kiri Industries' subsidiary, Equinaire Holdings Limited, acquired 40% of Makilala Mining Company, Inc. (MMCI) for USD 5.01 million via public auction on September 8, 2026. This move secures copper concentrate supply for a future project. Acquisition completion is expected within 15-25 working days.
The acquisition involves a substantial investment and is strategic for future operations, indicating a medium-term impact on the company's business and potentially its financial performance. However, the target company has no current revenue, suggesting the impact is more long-term.
The acquisition of a significant stake in a mining company is a strategic move that aligns with the company's future project development and secures raw material supply, which is positive for the company's growth prospects.
Equinaire Holdings Limited (EHL), a wholly owned subsidiary of Kiri Industries Limited, has been declared the successful bidder in a public auction for 20,000,000 shares of Makilala Mining Company, Inc. (MMCI). This acquisition represents a 40% stake in MMCI's outstanding capital stock.
The auction, conducted on September 8, 2026, was part of EHL's enforcement of security rights under an Omnibus Loan and Security Agreement (OLSA) dated May 16, 2025. EHL had previously acquired rights from Maharlika Investment Corporation (MIC) related to the OLSA.
A Deed of Absolute Sale was executed on September 8, 2026, wherein MHL, acting through EHL as attorney-in-fact, sold the Auction Shares to EHL for a cash consideration of USD 5,010,000.00. This acquisition is strategic, aligning with Kiri Industries' plan to secure a long-term supply of copper concentrate for its greenfield copper project.
MMCI is involved in developing the Maalinao-Caigutan-Biyog copper-gold project in the Philippines. The company has not yet commenced mining operations and therefore has no operational revenue. The acquisition is considered a related party transaction as EHL is a wholly owned subsidiary, but it is being conducted at arm's length through the auction process.
The completion of the acquisition is expected within 15 to 25 working days, pending necessary tax clearances and corporate registration formalities, including the issuance of a Certificate Authorizing Registration by the Philippine Bureau of Internal Revenue. EHL will exercise voting rights as the stockholder of record upon completion of the transfer process.
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Kiri Industries Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Kiri Industries Limited. Read the original for the full detail.