Asian Terminals to get P8 billion investment from Maharlika

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December 17, 2025 | 12:00am

MANILA, Philippines — Port operator Asian Terminals Inc. (ATI) is delisting from the main board of the Philippine Stock Exchange (PSE) to make way for an P8-billion investment from the country’s sovereign wealth fund.

In a disclosure to the PSE, ATI said the Maharlika Investment Corp. (MIC) is buying up to 101.19 million common shares from the company through a tender offer to shareholders.

The offer, backed by an independent opinion from MIB Capital Corp., placed the value of shares at P36 apiece.

ATI said it would serve as a co-bidder in the tender offer, which would be matched with a share buyback program of up to P5 billion. ATI will buy back the shares of Eximinious Holdings Inc., Eujo Philippines Inc. and Biolim Holdings and Management Corp.

Afterward, ATI will delist from the main board of the PSE in line with MIC’s investment. MIC is expected to own 11.2 percent of ATI’s capital stock by the end of the tender offer.

The investment could amount to more than P8 billion based on ATI’s two billion shares listed on the PSE, infusing the company with additional capital for its expansion projects.

ATI revised provisions in its articles of incorporation and by-laws, particularly on the number of directors, raising it to a total of nine to give MIC a seat on the boardroom.

ATI said the move to delist from the PSE is part of its long-term strategy to become more flexible as a company, allowing it to act quicker on decision-making.

ATI will hold a special stockholders’ meeting on Jan. 30, 2026 to approve the delisting of the company from the main board of the PSE.

The company yesterday also suspended the trading of its shares to give investors and traders time to process the developments.

For MIC, ATI is an investment play that puts the country’s sovereign wealth fund at the heart of the global supply chain.

MIC president and CEO Rafael Consing said in a statement yesterday that the fund is being deployed to invest in critical utilities with high barriers to entry and strong links to the country’s economic growth, aiming to build a resilient and cash-generating portfolio.

“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,” Consing said.

The acquisition will involve a direct purchase of shares and a tender offer to existing public shareholders, while ATI undergoes voluntary delisting from the PSE, allowing MIC to secure its stake as the company exits the market.

“This transaction executes on MIC’s mandate to direct capital into strategic real-economy assets,” the MIC said. “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.”

The investment is a secondary market transaction, where shares are purchased from the public and the proceeds are distributed to selling shareholders, representing a change in ownership rather than providing capital for the company’s operations or expansion.

MIC said entering during the delisting process allows it to maximize capital efficiency while securing a strategic, institutional-grade stake in a mature revenue-generating utility.

Beyond economic participation, MIC said the transaction would grant the government minority governance rights, including up to one seat on ATI’s Board of Directors.

The board seat ensures transparency in strategic decisions affecting national infrastructure while maintaining the company’s operational independence.