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Asian Terminals Inc. has officially filed its petition to voluntarily delist from the Philippine Stock Exchange with proposed effectivity on April 3, 2026
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ATI filed the petition on February 2
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ATI also intends to undertake the tender offer for the acquisition of 191.438 million shares from public float shareholders at a tender offer price of P36 per share from February 2 to March 3
Asian Terminals Inc. (ATI) has officially filed its petition to voluntarily delist from the Philippine Stock Exchange (PSE) with proposed effectivity on April 3, 2026.
In a regulatory disclosure, ATI said it filed its petition on February 2 and intends to undertake the tender offer for the acquisition of 191.438 million shares of ATI from February 2 to March 3.
These developments follow the announcement last December of Maharlika Investment Corp. (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.”
READ: ATI income jumps 34.4% to P4.26B in Jan-Sept 2025
Under PSE rules, a company’s voluntary delisting must be approved by at least two-thirds of the entire membership of the board of directors, including the majority, but not less than two of its independent directors. It should also be approved by stockholders owning at least two-thirds of the company’s total outstanding and listed shares and with the number of votes cast against the delisting proposal not more than 10% of the total outstanding and listed shares.
Having satisfied these requirements and pursuant to the shareholders’ approval, a tender offer process will be launched by MIC and ATI to acquire shares from ATI’s public float shareholders at a tender offer price of P36 per share.
ATI said this exercise affords its public float shareholders a “clear and regulated mechanism to unlock the value of their holdings as the firm transitions to a private ownership structure.”
The best price offer of P36 per share represents a premium of 49% over the one-year volume weighted average price of P24.15, based on the fairness opinion rendered by independent fairness valuator MBI Capital Corporation.
Consistent with PSE rules, ATI is expected to be delisted 60 days upon filing of the petition for voluntary delisting, or on April 3.
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.
