Maharlika tender offer spurs ATI delisting

Asian Terminals Inc. (ATI) is poised to exit the Philippine Stock Exchange (PSE) after state-backed Maharlika Investment Corp. (MIC) launched a tender offer to seize a substantial portion of the port operator’s public float.

In a stock exchange report on Tuesday, ATI said its board approved the voluntary delisting after receiving formal notice from MIC of its intention to conduct a tender offer covering public float shares, including those held by employees.

Likewise, the board also approved the expansion of ATI’s share buyback program to acquire the remaining public float and employee-held shares under the same tender offer.

Strategic step

“ATI’s move to delist is a strategic step to optimize the company’s structure for long-term growth, enabling faster decision-making, greater investment flexibility, and enhanced operational capabilities.

This allows ATI to advance its plans for efficiency, infrastructure modernization, and market development, aligned with its mandate to make trade flow efficiently and sustainably,” the company said.

In line with the rules of the Securities and Exchange Commission and the PSE, a special stockholders’ meeting has been scheduled for 30 January 2026 to seek shareholder approval for the voluntary delisting.

Backed by an independent fairness opinion, the tender offer will be priced at P36.00 per share.

Clear regulated exit

ATI said the offer provides public shareholders with a clear, regulated exit that allows them to realize the value of their holdings while ensuring full compliance with SEC and PSE requirements.

Upon completion of the tender offer, and depending on the level of shares tendered, MIC is expected to own about 11.2 percent of ATI’s outstanding capital stock.

ATI said the delisting will not disrupt daily operations or affect its relationships with employees, customers, and partners, adding that services, contracts, and commitments will remain unchanged.