ATI reaches stock delisting threshold

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March 5, 2026 | 12:00am

MANILA, Philippines —  Port operator Asian Terminals Inc. (ATI) has reached the necessary ownership volume to proceed with its delisting from the main board of the Philippine Stock Exchange (PSE).

In a disclosure, ATI said it has acquired enough shares from the public to cross the required threshold for delisting.

ATI, along with the country’s sovereign wealth fund Maharlika Investment Corp. (MIC), bought out publicly owned shares for P36 apiece through a tender offer between Feb. 2 and March 3.

The offer resulted in the tender of 177.61 million common shares, translating to 9.16 percent of ATI’s outstanding capital stock. MIC received 101.19 million common shares, while ATI secured 76.42 million common shares.

In turn, private investors in ATI grew their ownership to 99.29 percent, breaching the 95-percent level needed to delist from the PSE. ATI’s public float will shrink to 0.74 percent once the offer is complete.

The shares are scheduled to be transferred to ATI and MIC on March 13, and the sellers are set to be paid by March 17.

ATI will delist from the main board of the PSE on April 3, turning it into a private company with more flexibility in carving out expansion plans.

Further, ATI will welcome MIC to its management, and seats in its board of directors are raised to nine, from eight, so it could add a representative from the country’s sovereign wealth fund.

MIC is poised to own 11.2 percent of ATI by the end of the delisting process. MIC’s investment in ATI is valued at up to P8 billion based on the company’s two billion shares listed on the PSE.

For ATI, the delisting gives it flexibility to become more aggressive with expansion projects. By becoming a private firm, ATI no longer needs to disclose its corporate transactions as required of publicly listed entities.

For MIC, ATI is an investment play that pushes it into the heart of the global supply chain, which is only expected to grow further as economies scale up.

ATI is one of the country’s largest port operators, tasked to manage high-traffic gateways like the Manila South Harbor and the Port of Batangas.