Kiri Industries Subsidiary Acquires 40% Stake in Makilala Mining Company for $5 Million
Equinaire Holdings Limited (EHL), a wholly owned subsidiary of Kiri Industries Limited, has acquired 40% of the outstanding capital stock in Makilala Mining Company, Inc. (MMCI). The acquisition was finalized following a public auction held on September 8, 2026.A Deed of Absolute Sale was executed on September 8, 2026, between Makilala Holding Limited (MHL), acting through EHL, and EHL, which completed the purchase of the shares. The transaction was completed for a consideration of USD 5,010,000.00.
The acquired shares amount to 20,000,000 shares, representing 40% of MMCI's total outstanding capital stock. This acquisition forms part of EHL's enforcement of its security rights under an Omnibus Loan and Security Agreement (OLSA) that was executed on May 16, 2025.
Project and Company Overview
The target entity, Makilala Mining Company, Inc. (MMCI), is based in the Philippines. MMCI is developing the Maalinao-Caigutan- Biyog copper-gold project (the MCB Project), located in Barangay Balatoc, Municipality of Pasil, Province of Kalinga, Philippines.MMCI holds Mineral Production Sharing Agreement No. 356-2024-CAR over an area of approximately 2,500 hectares, with an initial term of 25 years, renewable for an additional 25 years.
Key details regarding the acquisition are summarized below:
| Particulars | Details |
|---|---|
| Target Company | Makilala Mining Company, Inc. (MMCI) |
| Total Issued Authorized Capital Stock of MMCI | 500,000,000.00 Philippine Pesos, consisting of 50,000,000 ordinary shares of stock with a par value of 10.00 Philippine Pesos each. |
| Industry | Developing the Maalinao-Caigutan- Biyog copper-gold project. |
| Shares Acquired | 20,000,000 shares (40% of outstanding capital stock) |
| Consideration | USD 5,010,000.00, plus applicable taxes, legal fees and other costs and expenses. |
Strategic Implications
The acquisition is aligned with Kiri Industries Limited's strategy to secure a stable, long-term supply of copper concentrate. This supply is intended for a greenfield copper project being developed by the Company's step-down subsidiary, Indo Asia.The Company stated that the transaction is expected to enhance access to critical raw materials and support its broader participation across the copper value chain.
The completion of the acquisition is estimated to be within fifteen to twenty-five working days from the confirmation of documentation completeness.
KIRIINDUS Stock Price Movement
As of 10:17 AM, shares of Kiri Industries Limited are shedding 1.98% in live trading, currently seeing the stock trade at ₹576.45. The company has seen 911,339 shares traded so far in the current market 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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