Equinaire Subsidiary Acquires Loan in Philippines Copper Project, Bolstering Group's Raw Material Supply
Kiri Industries Limited's wholly-owned subsidiary, Equinaire Holdings Limited, has finalized an Assignment Agreement with Maharlika Investment Corporation (MIC). The agreement concerns the assignment of a significant loan related to the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project, located in Pasil, Kalinga, Philippines.Under the terms of the agreement, the assigned loan was originally extended to Makilala Mining Company, Inc. (MMCI). The acquisition includes not only the financial debt but also all associated rights, title, interests, and underlying securities pertaining to the MCB Copper-Gold Project.
The transaction, executed on April 27, 2026, is structured to benefit the Group by securing a preferential supply of copper ore or concentrate from Makilala Mining Company, Inc. This supply is crucial for the upcoming copper facility being developed by Indo Asia Copper Limited. The move positions the Group to strengthen its presence in the upstream copper supply chain, ensuring a stable and long-term supply of copper, a resource vital for meeting growing national demand.
Key Transaction Details
The core transaction involves the assignment and acquisition of the outstanding loan facility, which is valued at USD 9,764,090.63 as of the date of the agreement.The following table summarizes the principal details of the assignment:
| Detail | Description / Value |
|---|---|
| Assignment Value | USD 9,764,090.63 (Outstanding amount) |
| Project | Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project |
| Location | Pasil, Kalinga, Philippines |
| Assignment Date | April 27, 2026 |
| Assigned To | Equinaire Holdings Limited (Wholly Owned Subsidiary) |
| Assignor/Lender | Maharlika Investment Corporation (MIC) |
| Legal Basis | Assignment is 'as-is, where-is' and without recourse basis. |
Commercial Terms and Impact
The financial terms specify an upfront deposit of USD 5,000,000, with the balance payable on the Closing Date.Regarding the operational impact, the company stated that the assignment is expected to enable the Group to benefit from off-take arrangements, thereby ensuring uninterrupted access to critical copper raw materials.
The agreement carries specific closing conditions, stipulated to occur within 7 Business Days after the expiry of 60 days from the execution date, or sooner if agreed upon by the parties.
From a corporate control and liability perspective, the group confirmed that there will be no impact on the management or control of Kiri Industries Limited, and there is no direct liability imposed upon the Company as the assignee steps into the role of the Lender upon closing.
Equinaire Holdings Limited is classified as the Group Company of Kiri Industries Limited, which is the parent company. Neither Maharlika Investment Corporation nor Makilala Mining Company Inc. are related to the promoter or promoter group of the parent company.
KIRIINDUS Stock Price Movement
Kiri Industries Limited shares today slipped by 0.08% to settle at ₹416.25 in post-market trading. The stock traded on a significant volume of 183,728 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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