Kiri Industries Subsidiary Executes Loan Assignment Agreement with Maharlika Investment Corp
Kiri Industries' subsidiary, Equinaire Holdings, executed a loan assignment agreement with Philippines' Maharlika Investment Corporation. The deal involves a USD 9.76 million loan for a copper-gold project. An upfront deposit of USD 5 million is paid, with the balance due at closing.
The acquisition of the loan is a strategic step towards securing raw material supply for a new facility. While positive, the direct financial impact and the scale of the upcoming facility are not fully detailed, suggesting a medium-term impact.
The announcement details a strategic move by a subsidiary to acquire a loan, which is expected to secure a stable supply of critical raw materials (copper) for the company's upcoming facility. This strengthens the company's position in the supply chain.
Kiri Industries Limited announced that its wholly-owned subsidiary, Equinaire Holdings Limited, has executed an Assignment Agreement with Maharlika Investment Corporation (MIC), the Philippines' sovereign wealth fund.
The agreement involves the assignment of a loan extended to Makilala Mining Company, Inc. (MMCI) for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in the Philippines. This transaction includes all associated rights, title, interests, and underlying securities.
The acquisition of this loan is a strategic precursor expected to provide the Group with off-take arrangements for copper ore/concentrate from MMCI for its upcoming copper facility being developed by Indo Asia Copper Limited. This move aims to strengthen the Group's access to critical raw materials and ensure a stable, long-term supply of copper to meet growing demand.
The assignment is on an "as-is, where-is" and without recourse basis. An upfront deposit of USD 5,000,000 is payable, with the balance due on the Closing Date. The closing is expected within 7 business days after the expiry of 60 days from the agreement's execution date (April 27, 2026), or earlier if mutually agreed. The agreement was executed on April 27, 2026. Maharlika Investment Corporation and Makilala Mining Company Inc. are not related to Kiri Industries' promoters or group companies.
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Kiri Industries Limited filed this with the NSE as a statutory disclosure, categorised under strategic partnerships. 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.