Port operator Asian Terminals Inc. (ATI) is set to be delisted from the Philippine Stock Exchange (PSE) effective 3 April 2026, following the successful completion of a Maharlika-led tender offer that lifted ownership to near-total control.

The voluntary delisting comes after Maharlika Investment Corporation and its co-investors increased their stake in ATI to 99.26 percent, exceeding the 95-percent minimum public float threshold required for delisting.

The move caps a months-long transaction that began in December 2025, when Maharlika announced plans to acquire up to an 11.2-percent stake in ATI as part of a broader strategy to invest in strategic infrastructure assets tied to economic growth.

The acquisition was structured through a combination of direct share purchases and a tender offer to public shareholders, which also paved the way for ATI’s planned exit from the stock exchange.

The tender offer, conducted from 2 February to 3 March 2026, resulted in 177.6 million shares being tendered and accepted, valued at around P6.39 billion. Settlement of the transaction was completed on 17 March.

Maharlika said the investment aligns with its mandate to deploy capital into “strategic real economy assets” such as ports, which it described as critical to trade and national development.

“Port infrastructure is not merely a business, but a strategic national asset,” Maharlika president and CEO Rafael Consing Jr. said previously, noting the sector’s direct link to economic activity and supply chains.

The sovereign wealth fund formally completed the share acquisition in March, marking its entry into the port and logistics sector.

The transaction also triggered governance changes within ATI, including the election of Maharlika’s chief executive to the company’s board, signaling a more active role in shaping the firm’s long-term direction.

The delisting was approved by ATI’s board in December and later ratified by shareholders in January 2026, with at least two-thirds voting in favor and opposition kept below regulatory limits.

The move, however, has not been without scrutiny. Lawmakers have called for a review of Maharlika’s investment activities, citing concerns over the use of public funds and the strategic implications of its stake in ATI.

For its part, Maharlika has maintained that the investment reflects a “sovereign stewardship” strategy—ensuring the government retains an economic interest in key infrastructure assets that underpin trade and economic growth.