BDO subsidiary income at P69.3 million in 2022
2023 March – Dominion Holdings, Inc. (formerly BDO Leasing & Finance, Inc. or BLFI) reported a net income of P69.3 million in 2022 vs. P43.5 million in 2021. Gross income surged by 122% to P126.8 million, boosted by gains on its Unit Investment Trust Fund (UITF) investment. The firm has shifted its funds to higher yielding short-term time deposits to take advantage of rising interest rates.
With approvals from its Board of Directors and stockholders, Dominion Holdings already voluntarily surrendered its secondary license as a financing company to the Securities and Exchange Commission (SEC).
On July 21, 2022, the Company obtained SEC approval dated July 18, 2022 for the change in corporate name of BDO Leasing and Finance Inc. to “Dominion Holdings, Inc.”, the shift in primary and secondary purposes from a leasing and financing company to that of a holding company, and the corresponding amendments to the Company’s Articles of Incorporation and By-laws.
As an investment holding company, Dominion Holdings will have more flexibility in pursuing business opportunities that can enhance shareholder value for its stockholders.
Dominion Holdings Inc.’s primary purpose is to hold/own real estate properties, securities/shares of stocks, and other assets of other companies, and engage in investment and business activities involving these assets.
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