SM Investments Corp. (SMIC), the holding company of the Sy-family led SM Group, confirmed on Tuesday it was considering either reducing its stake in or exiting Atlas Consolidated Mining & Development Corp. although no negotiations have yet taken place.
The company responded to a query from the stock exchange over a report stating that SMIC was weighing a strategic exit from Atlas Mining to focus on its core, synergistic businesses.
SMIC President and CEO Frederic DyBuncio told a media briefing late Monday that the mining business was “an outlier” as far as the group’s portfolio was concerned.
“Right now, our portfolio is very, very synergistic with each other, except perhaps Atlas Mining, but that’s a separate outlier,” he said.
DyBuncio said the group was focused on growing in other areas such as renewable energy and logistics, which he described as closely aligned with SMIC’s overall strategy.
“That’s probably going to be the direction which we’ll be taking — reduce the stake in Atlas Mining,” he said, noting that the board had discussed the matter but that no decision had been made as yet.
Atlas Mining, which operates the Carmen Copper mine in Cebu and other mineral projects, has been experiencing earnings volatility in recent years. For the first nine months of 2025, net income dropped sharply to P218.4 million from P1.13 billion a year before amid production setbacks at its copper operations.
The potential divestment comes as SMIC seeks to realign its businesses with its core operations across retail, property, banking, logistics, and renewable energy.
SMIC holds more than 30 percent of Atlas Mining, and while an exit could be a potential strategic move, the company emphasized that no formal negotiations were underway.
SM Investments shares rose P3.50, or 0.50 percent, to P700.00 each on Tuesday while those of Atlas Mining plunged 5.58 percent, losing by P0.52 to end at P8.80 apiece.
