MIC intends to buy up to 101.19 million common shares of ATI, which will voluntarily delist from the local stock exchange. — Philippine Daily Inquirer
MANILA: Upstart sovereign wealth fund Maharlika Investment Corp (MIC) plans to acquire around 11.2% of Asian Terminals Inc as part of its mandate to “invest in strategic sectors of the Philippine economy”.
Tanco Group-led ATI disclosed to the Philippine Stock Exchange on Tuesday that MIC had expressed intention to conduct a tender offer for a portion of ATI’s public float at 36 pesos per share.
MIC intends to buy up to 101.19 million common shares of ATI, which will voluntarily delist from the local stock exchange.
This means that, subject to the amount of shares tendered, MIC may invest as much as 3.6 billion pesos in ATI.
This initial stake is equivalent to around 5% of ATI’s issued shares.
At 36 pesos per share, the deal values 100% of ATI at 72 billion pesos. If Maharlika eventually gets hold of 11.2% of ATI, its stake would be valued at 8.06 billion pesos.
For its part, ATI will also acquire more shares held by public investors via this tender offer.
The port operator obtained board approval to increase its share buyback programme by up to five billion pesos.
Tender offer is a bid to buy some or all of shares in order to gain significant control over a company.
ATI manages and operates the South Harbor port in Manila pursuant to the contract for cargo handling and related services granted by the Philippine Ports Authority, effective until May 2038.
It also runs Inland Clearance Depot in Manila, Port of Batangas, Batangas Supply Base and Tanza Barge Terminal.
ATI also owns 35.71% of South Cotabato Integrated Port Services Inc, the existing cargo handling operator at the Makar Wharf at the Port of General Santos, General Santos City.
ATI initiated steps for voluntary delisting from the Philippine Stock Exchange, citing the need for “greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry”.
A special ATI shareholders meeting is set on Jan 30, 2026 to approve the voluntary delisting.
“Following completion of the tender offer, and subject to the level of tenders received, MIC is expected to hold approximately 11.2% of ATI’s outstanding capital stock,” the disclosure said.
The 36 pesos tender offer price, ATI said, was supported by a fairness opinion rendered by an independent fairness valuator, MIB Capital Corp. It was 4.96% higher than the closing price of 34.30 pesos per share on Monday.
Trading in ATI shares was suspended on Tuesday to allow investors to digest these developments.
ATI said this delisting move “allows ATI to advance its plans for efficiency, infrastructure modernisation and market development, aligned with its mandate to make trade flow efficiently and sustainably”.
ATI said MIC’s tender reaffirms “the company’s strong industry position and reflects independent external confidence in ATI’s performance, governance and critical role in the national logistics and port ecosystem”.
This was seen as consistent with MIC’s “mandate to invest in strategic sectors of the Philippine economy”. — The Philippine Daily Inquirer/ANN
