Sy-led SM Investment Corp. (SMIC) is planning to divest its stake in Atlas Consolidated Mining and Development Corp., saying mining no longer aligns with its core portfolio.
In a briefing Monday, SMIC President and Chief Executive Officer Frederic DyBuncio said their mining business is the outlier in their portfolio investments.
“Mining is a very cyclical business. If the dollar goes down, prices go up and if the dollar goes up, prices go down. It’s really a cyclical business and right now, it’s probably a good time to be able to dispose of it given the need for copper for all of these EVs (electric vehicles) and whatever else that’s being done,” he said.
DyBuncio said SMIC holds about a 30 percent stake in Atlas.
He added Atlas weighed on portfolio investments last year, along with shares in Philippine Geothermal Production Company Inc. (PGPC).
He said PGPC’s lower contribution was due to pricing tied to the Wholesale Electricity Spot Market (WESM).
SMIC reported a 10-percent rise in consolidated net income in 2025 to PHP90.5 billion and a 4-percent increase in revenues to PHP681.7 billion.
Banking accounted for 49 percent of net income, followed by property, 27 percent; retail, 18 percent; and portfolio investments, 6 percent.
DyBuncio said renewable energy and logistics, through the 2Go Group Inc., will be among their focus areas in 2026. (PNA)
