SM Investments to exit mining, data center businesses

Sy-led SM Investment Corp. (SMIC) on Monday announced plans to exit Atlas Consolidated Mining & Development Corp., possibly in the near future, citing the business’s lack of synergy with the rest of the group’s portfolio businesses.

According to SMIC president and chief executive officer Frederic DyBuncio, the company’s board will soon be discussing whether to take out Atlas, where it currently owns some 30%, from its portfolio.

“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 and whatever else that’s being done,” he told reporters in Pasay City.

“Also with gold being as high as $5,300, it’s probably a good time to dispose of our shares in Atlas. That’s the intention but we don’t know if it’s going to happen or not,” he added.

Atlas Consolidated Mining & Development Corp. operates mines in Cebu, South Cotabato, and Sultan Kudarat. Its subsidiaries include Carmen Copper Corporation (CCC) engaged in metallic mining and mineral exploration and development, and exports its produce to smelters in China.

Atlas reported P16.5 billion in revenues in 2025, reflecting a 12% decline from the previous year to bring its net income up 49% to -P0.1 billion.

“Parang [It seems like] there’s no synergy with the rest of the group, that’s our feeling,” DyBuncio said, when asked why the group is looking to exit.

Aside from Atlas, SMIC counts as portfolio investments Philippine Geothermal Production Company, integrated resorts operator Belle Corp., Goldilocks Bakeshop, and 2Go Group Inc., among others.

Aside from its taking off Atlas from its portfolio, DyBuncio said SMIC is also looking to exit its data center business moving forward. The company currently owns some 18% in the unit.

“That data center business actually has not progressed very much, so we’re probably going to be exiting that business… The majority shareholder is the one looking for the buyer for that data center,” he said.

SMIC reported a 10% increase in its net income for 2025, with its banking businesses—BDO Unibank Inc. and China Banking Corp.—contributing the largest share as loans surpassed P1 trillion for the first time.

Shares in SMIC closed Monday at P696.50 apiece, down by P8.50 or 1.21% from last Friday’s finish of P705.00 per share. Shares in Atlas Mining, meanwhile, gained 3 centavos or 0.32% to P9.32 apiece from P9.29 previously. — BM, GMA Integrated News