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Asian Terminals Inc. secured enough shares from its tender offer to public shareholders to push through with its voluntary delisting from the Philippine Stock Exchange
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Based on preliminary result of its tender offer from April 2 to March 3, a total of 177.612 million common shares (tendered shares), which represent 9.16% of ATI’s total issued and outstanding listed shares, were validly tendered
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The cross date of the tendered shares will be on March 13, 2026 and settlement date on March 17, 2026
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The tendered shares were lower than the 191.438 million ATI had planned to acquire, but still enough to meet the required threshold of at least 95%
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ATI earlier said its voluntary delisting will be effective on April 3
Asian Terminals Inc. (ATI) secured enough shares from its tender offer to public shareholders to push through with its voluntary delisting from the Philippine Stock Exchange (PSE).
In a regulatory disclosure on March 4, ATI said based on the preliminary result of its tender offer from April 2 to March 3, a total of 177.612 million common shares (tendered shares), which represent 9.16% of ATI’s total issued and outstanding listed shares, were validly tendered at the end of the tender offer period.
The tendered shares were lower than the 191.438 million ATI had planned to acquire, but still enough to meet the required threshold of at least 95%.
ATI said the total of the tendered shares, excluded shares, and non-public shares representing 99.29% of ATI’s total issued and outstanding common shares “has exceeded the threshold required to complete the voluntary delisting,” which it earlier said will be effective on April 3.
ATI said the cross date of the tendered shares will be on March 13 and the settlement date will be on March 17.
On cross date, ATI’s public float will fall to 0.74%, while the total of the tendered shares, excluded shares, and non-public shares will be above the voluntary delisting threshold.
Accordingly, ATI and Maharlika Investments Corp. (MIC) anticipate the voluntary delisting of the port operator from the local bourse with its share trading being suspended from March 13 upon crossing of tendered shares.
ATI’s voluntary delisting from PSE follows the announcement last December of MIC that it will be acquiring up to 11.2% of ATI, which operates Manila South Harbor and Batangas port.
READ: Maharlika Fund buying 11.2% stake in Asian Terminals
State-owned MIC, which manages the country’s first and only sovereign wealth fund, said it is venturing into the port sector in recognition of its vital role in the economy.
MIC said the ATI purchase will be carried out through both a direct acquisition of shares from, and a tender offer to, existing public shareholders.
At least two-thirds of the members of ATI’s Board and stockholders owning at least two-thirds or 90.34% of the outstanding shares of ATI have approved the voluntary delisting of the port operator from PSE in separate special meetings.
ATI earlier said the voluntary delisting process from the local bourse will enable it “greater investment flexibility and enhance operational agility in support of the country’s evolving logistics and supply-chain requirements.”
Aside from delisting from the local bourse, ATI’s stockholders also approved the increase of the Board’s members from eight to nine, and the conditional election of MIC president and chief executive officer Rafael Consing, Jr. as the ninth director of the company.
The election is, however, still subject to the filing of the amendment to ATI’s Articles of Incorporation to reflect the increase in the number of directors from eight to nine, and the approval of the Securities and Exchange Commission of such amendment.
