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Maharlika Investment Corporation is preparing to buy up to 11.2% of Asian Terminals Inc., the Philippine’s second biggest port operator
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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
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The purchase will be carried out through both a direct acquisition of shares from, and a tender offer to, existing public shareholders
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It will run in parallel with ATI’s delisting from the Philippine Stock Exchange
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The delisting has been approved by the ATI Board
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A special shareholders meeting is set on January 30, 2026 for the approval of the voluntary delisting by ATI stockholders
Maharlika Investment Corporation (MIC) is preparing to buy up to 11.2% of Asian Terminals Inc. (ATI), the Philippine’s second biggest port operator handling the Manila South Harbor and Batangas port.
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.
“The port sector is the circulatory system of the Philippine economy,” Rafael Consing Jr., MIC president and CEO, said in a press release.
“My previous tenure in global logistics has reinforced the conviction that port infrastructure is not merely a business, but a strategic national asset,” added Consing, who retired in 2023 as chief financial officer and compliance officer of International Container Terminal Services Inc. – the Philippine’s biggest port operator – to take on a government position as head of Office of the Presidential Adviser on Investment and Economic Affairs.
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.
“We are deploying the Fund to capture value from critical utilities that possess high barriers to entry and a direct correlation to the country’s GDP (gross domestic product) growth. This ensures that our portfolio is resilient, cash-generative, and aligned with national progress,” said Consing.
The purchase will run in parallel with ATI’s voluntary delisting from the Philippine Stock Exchange (PSE).
ATI, in a regulatory disclosure, announced that its Board of Directors has already approved the company’s voluntary delisting with the PSE after it received notice of MIC’s purchase intent.
The company said its withdrawal from the stock exchange will “enable greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.”
READ: ATI income jumps 34.4% to P4.26B in Jan-Sept 2025
MIC’s proposed tender offer will include employee-held shares.
A special shareholders meeting is set on January 30, 2026 for the approval of the voluntary delisting by ATI stockholders, in accordance with applicable rules and regulations by the Securities and Exchange Commission and PSE.=
“By acquiring a minority stake in ATI, MIC ensures that the Philippine government holds a permanent economic interest in the infrastructure that powers the national supply chain,” ATI said, calling the move as “Sovereign Stewardship” on the part of MIC.
The acquisition, once completed, will give MIC one seat in ATI’s Board of Directors.
“Our entry into ATI is a definitive move to anchor these assets within the Philippine financial ecosystem,” Consing is quoted in the ATI disclosure. “By securing our position in this utility, we are enhancing our sovereign capability to generate sustainable wealth, which is inextricably linked to the nation’s long-term economic security.”
ATI also filed on December 16 an amendment to its Articles of Incorporation, increasing its number of directors to nine from the current eight to give way to the MIC representation.
Consing announced earlier this year that MIC is exploring a partnership with Dubai Ports (DP) World, ATI’s strategic foreign shareholder.
READ: DP World upbeat on PH growth prospects, eyes projects in VisMin
