As Atlas Mining leaves by 2027, SMIC expects 2GO, renewables to fill gap

Atlas Mining

The planned Atlas transfer is less a Sy family exit from mining than a reshuffling of where those assets sit, though the departure of this crucial earnings driver will leave a hole for SMIC to fill in its portfolio

MANILA, Philippines – SM Investments Corporation (SMIC) plans to move one of its strongest performing portfolio investments, Atlas Mining, out of the Sy family’s flagship conglomerate by 2027, with leadership expecting their logistics and renewable energy companies to take on a bigger role in filling the hole left behind.

SMIC plans to transfer its roughly 34% stake in Atlas into Dominion Holdings, separating mining from SMIC without necessarily taking the business out of the Sy family’s hands completely.

“The intention for SMIC is to completely move out from the mining sector,” SMIC president and chief executive officer Frederic DyBuncio said during the conglomerate’s first-half earnings briefing on Wednesday, August 12. “We want to move the shareholding we have in Atlas into another listed entity, which will still be owned by the family.”