Equinaire Holdings, a wholly owned subsidiary of Kiri Industries, acquired 20 million shares representing a 40 per cent stake in Makilala Mining Company, Inc for a cash consideration of $5.01 million (mn). The acquisition was executed through enforcement of security rights under an Omnibus Loan and Security Agreement after unresolved events of default by the borrower and follows the prior acquisition of rights under the agreement from Maharlika Investment Corporation. The transaction formed part of a strategic move to secure upstream supply chains for the company’s copper interests.

Makilala Mining Company is based in the Philippines and remains pre-revenue, having not yet commenced mining operations. The company is developing the Maalinao-Caigutan-Biyog copper-gold project in Kalinga under a Mineral Production Sharing Agreement. Kiri Industries indicated that the acquisition aligns with its integration objectives to secure a reliable long-term source of copper concentrate for its greenfield Indo Asia Copper project.

Completion of the transfer is subject to standard Philippine tax clearances, corporate registrations and stock transfer book updates, with completion expected within 15 to 25 working days. The company indicated that customary regulatory and administrative processes remain outstanding prior to finalisation. The acquisition was carried out by enforcing creditor rights rather than by a conventional equity purchase route.

Kiri Industries reported consolidated net profit of Rs 2,902.4 mn in the quarter ended June 2026, compared with Rs 101.4 mn in the quarter ended June 2025. Sales rose by 54.54 per cent to Rs 3,123.6 mn year on year for the quarter. The scrip fell one point six per cent to trade at Rs 577.50 on the BSE following the announcement.