Equinaire Holdings Limited (EHL), a wholly owned subsidiary of Kiri Industries, has been declared the successful bidder in a public auction conducted on 8 September 2026 for the sale of 20,000,000 shares in Makilala Mining Company, Inc. (MMCI), representing 40% of MMCI's outstanding capital stock. The auction was conducted as part of EHL's enforcement of security rights under the Omnibus Loan and Security Agreement following the occurrence of Events of Default by the original parties. According to Kiri Industries' regulatory filing, the transaction was executed via a Deed of Absolute Sale between Makilala Holding Limited (acting through EHL as attorney-in-fact) and EHL for a consideration of USD 5,010,000.00, excluding applicable taxes, legal fees and other transaction-related expenses.
The acquisition was executed through an Assignment Agreement dated 22 April 2026, which became effective on 21 May 2026, under which EHL acquired from Maharlika Investment Corporation (MIC) all rights, title, and interests under the Omnibus Loan and Security Agreement dated 16 May 2025. Legal title over 30 million shares in MMCI was previously transferred from Makilala Holding Limited to Sodor, Inc. in 2025. The auction involved multiple parties including MMCI, Sodor, Inc. (Sodor), Celsius Resources (CLA), and Makilala Holding (MHL). Following the auction, regulatory approvals including tax clearances and corporate registration formalities with the Philippine Bureau of Internal Revenue are pending, with the acquisition process expected to complete within 15-25 working days subject to regulatory workload.
MMCI holds the Maalinao-Caigutan-Biyog copper-gold project (MCB Project), located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga, Philippines, covering approximately 2,500 hectares under a Mineral Production Sharing Agreement No. 356-2024-CAR for an initial term of 25 years, renewable for another 25 years. The project has not yet commenced mining operations or generated operational revenue. The company has an authorised capital stock of 500 million Philippine pesos, divided into 50 million ordinary shares with a par value of 10 Philippine pesos each. The acquisition aligns with Kiri Industries' strategy to integrate upstream mining into its operations and secure stable, long-term supply of copper concentrate for the upcoming greenfield copper project being developed by the company's step-down subsidiary, Indo Asia Copper Limited. The investment represents a move by Kiri Industries to gain exposure to a copper-gold resource base in the Philippines, which is intended to support and enhance its existing copper value chain.
The auction was conducted as part of EHL's enforcement of security rights under the Omnibus Loan and Security Agreement following the occurrence of Events of Default upon giving periodically notices of event of default to relevant parties. With the Events of Default continuing and secured obligations outstanding, due and unpaid, the foreclosure culminated in the auction, at which EHL was declared the successful bidder. The transaction involved multiple parties including MMCI, Sodor, Inc. (Sodor), Celsius Resources (CLA), and Makilala Holding (MHL). The deal positions Kiri Industries to enhance its copper value chain through direct exposure to upstream mining assets and secure raw material supply for its greenfield copper project. The company believes the transaction could improve access to critical raw materials and support its broader participation across the copper value chain.
