Philippine wealth fund moves to buy stakes in Asian terminals

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.