Asian Terminals Inc. (ATI) has filed a petition with the Philippine Stock Exchange (PSE) to voluntarily delist its shares, setting April 3 as the target exit date, following a strategic investment by the country’s sovereign wealth fund.
The port operator said the planned delisting was triggered by Maharlika Investment Corp. (MIC)’s acquisition of an 11-percent stake in the company, a move that significantly altered ATI’s public float and ownership structure. ATI operates key container and multi-cargo terminals at the Port of Manila, one of the country’s most critical trade gateways.
ATI told the PSE that its board of directors has approved a tender offer that will run until March 3, with shares priced at P36 apiece. The offer covers up to 191.44 million shares, giving MIC and other delisting proponents the opportunity to acquire as much as 100 percent of ATI’s outstanding capital stock.
“The voluntary delisting is intended to provide shareholders with an exit opportunity at a fair price,” the company said, adding that the tender offer price complies with regulatory requirements and valuation guidelines.
Once completed, the transaction would effectively take Asian Terminals private, reducing compliance costs and allowing management greater flexibility in executing long-term operational and investment strategies without the pressures of public market reporting.
The exit of Asian Terminal will be the first delisting from the PSE this year.
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