Kiri Industries wins auction for 40% stake in Makilala Mining for $5.01 million
- Kiri Industries subsidiary EHL acquired 40% stake in Makilala Mining for $5.01 million via public auction on September 8, 2026
- Deal secures access to Maalinao-Caigutan-Biyog copper-gold project covering 2,500 hectares in Kalinga, Philippines
- Acquisition supports supply chain integration for Indo Asia Copper Limited's greenfield copper project
- Transaction executed through enforcement of security rights under Omnibus Loan and Security Agreement
- Regulatory completion expected within 15-25 working days pending Philippine tax and corporate approvals
*this image is generated using AI for illustrative purposes only.
Kiri Industries subsidiary Equinaire Holdings Limited (EHL) has acquired a 40% stake in Makilala Mining Company, Inc. (MMCI) for $5.01 million through a public auction held on September 8, 2026.
Strategic entry into Philippine copper-gold mining
The acquisition gives EHL a significant minority interest in MMCI, which holds the Maalinao-Caigutan-Biyog copper-gold project in Kalinga, Philippines. The deal is positioned to enhance Kiri Industries' copper value chain through direct exposure to upstream mining assets and secure raw material supply for its greenfield copper project developed by step-down subsidiary Indo Asia Copper Limited.
EHL was declared the successful bidder after enforcing security rights under an Omnibus Loan and Security Agreement (OLSA) following events of default by the original parties. The transaction was executed via a Deed of Absolute Sale between Makilala Holding Limited (acting through EHL as attorney-in-fact) and EHL.
Deal snapshot
The key parameters of the transaction are outlined below:
| Parameter | Details |
|---|---|
| Acquiring entity | Equinaire Holdings Limited (EHL), subsidiary of Kiri Industries |
| Target company | Makilala Mining Company, Inc. (MMCI) |
| Stake acquired | 40% (20,000,000 shares) |
| Deal value | $5.01 million |
| Auction date | September 8, 2026 |
| Project type | Copper-gold project |
| Project location | Barangay Balatoc, Pasil, Kalinga, Philippines |
| Completion timeline | 15-25 working days from documentation completeness |
Copper value chain expansion
The investment in Makilala Mining represents a move by Kiri Industries to integrate upstream mining into its operations. By holding a 40% interest through EHL, the company gains exposure to a copper-gold resource base in the Philippines, which is intended to support and enhance its existing copper value chain.
MMCI holds a Mineral Production Sharing Agreement covering approximately 2,500 hectares for an initial term of 25 years, renewable for another 25 years. The target entity has not yet commenced mining operations or generated operational revenue.
Transaction background
EHL acquired rights under the OLSA from Maharlika Investment Corporation via an Assignment Agreement dated April 22, 2026, effective May 21, 2026. The auction was conducted as part of enforcement actions following continuing events of default. Legal title over 30 million shares in MMCI was previously transferred from Makilala Holding Limited to Sodor, Inc. in 2025.
Regulatory approvals including tax clearances and corporate registration formalities with the Philippine Bureau of Internal Revenue are pending. The acquisition process is expected to complete within 15-25 working days, subject to regulatory workload.
Historical Stock Returns for Kiri Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.85% | +13.01% | +36.27% | +42.18% | +12.47% | +8.45% |
How will Kiri Industries plan to finance the capital expenditure required to bring the non-operational Maalinao-Caigutan-Biyog project to production?
What specific regulatory hurdles or environmental assessments could delay the 15-25 day completion timeline for this acquisition in the Philippines?
Will Kiri Industries seek to increase its stake beyond the initial 40% minority interest to gain operational control of MMCI in the future?
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