DOMINION Holdings Inc. (DHI), the investment holding firm of the Sy family, on Wednesday said that corporate regulators had lifted a suspension order issued in 2020 following a change in thfirm’s primary business.
“Please be advised that on 2 July 2024, the company received an order from the Securities and Exchange Commission (SEC) dated 1 July 2024 lifting the order of suspension dated 13 February 2020,” the firm said in a disclosure.
Dominion, formerly BDO Leasing & Finance Inc., is now a holding company with the primary purpose of owning real estate, securities/shares of stocks and assets of other companies for investments and business activities.
The “order was issued in light of the share purchase agreement dated 24 January 2020 entered into by BDO Unibank to sell its controlling stake in DHI to third parties and the subsequent amendment of DHI’s primary business to a holding company, hence, the registration statement is no longer accurate and SEC required the filing of an amended registration statement,” the bank has said.
Dominion has already ceased its operations as a leasing and financing company and completed the assignment and transfer of the business to an affiliate, BDO Finance Corp., on Oct. 19, 2020.
Dominion submitted its final amendment to its registration statement on June 4, 2024.
“Order of suspension dated 13 February 2020 is hereby lifted, and the status of Dominion Holdings Inc. shall be changed from ‘suspended’ to ‘registered’ in the commission’s securities registry,” the SEC said.
“The company is warned that, henceforth it shall endeavor to take such measures to ensure faithful compliance with the requirements of the law and rule,” it added.
Trading in the firm’s shares has been suspended since Jan. 24, 2020. It last closed at P3.16 apiece.
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