Asian Terminals Inc. (ATI) hit the brakes on trading Tuesday as a Maharlika Investment Corp. (MIC) tender offer set the port operator firmly on course for a voluntary exit from the Philippine Stock Exchange.
ATI said its board, during a meeting on Tuesday, initiated delisting steps after receiving notice of Maharlika’s plan to buy a slice of its public float, including employee-held shares. At the same meeting, directors expanded ATI’s share buyback program, allowing the company to scoop up remaining public and employee shares through the same tender offer.
The offer of Maharlika, the country’s sovereign wealth fund, is priced at P36 per share, backed by an independent fairness opinion, giving minority investors a clean, regulated exit. The fund plans to acquire up to 101.19 million shares, or 5.1 percent of ATI, for P3.64 billion, valuing the Eusebio Tanco–controlled port operator at P72 billion. Subject to tender results, MIC is expected to end up with roughly 11.2 percent of ATI’s outstanding shares.
Once completed, the deal would drag ATI’s public float below the PSE’s 10 percent minimum, effectively locking in the delisting. A special shareholders’ meeting is set for January 30 next year to seek approval, in line with Securities and Exchange Commission and PSE rules.
ATI framed the move as a strategic unlock. Away from quarterly market pressures, it said the company can move faster, invest more flexibly, and push ahead with infrastructure upgrades to serve the country’s growing logistics and supply chain needs.
The company stressed that the delisting will not disrupt day-to-day operations or affect employees, customers, and partners. For ATI, MIC’s interest is fresh capital and validation; for the market, the message is clear—another major infrastructure name is preparing to leave the bourse.
