ATI shareholders OK PSE exit

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February 1, 2026 | 12:00am

MANILA, Philippines — Port operator Asian Terminals Inc. (ATI) has received the green light from its shareholders to delist from the main board of the Philippine Stock Exchange (PSE) to welcome the entry of the country’s sovereign wealth fund.

In a special stockholders’ meeting, ATI received approval from 90.34 percent of shareholders to go private, exceeding the PSE requirement of two-thirds of total outstanding shares.

With the approval, ATI is now well on its way to exiting the main board of the PSE, as it carves a future with more flexibility as a private company.

Last December, ATI announced that it has secured an P8-billion investment from the Maharlika Investment Corp. (MIC). The country’s sovereign wealth fund is buying up to 101.19 million common shares through a tender offer to shareholders.

With shareholders’ approval in place, ATI will proceed next with the launch of a tender offer in a bid to buy out the shares of its public investors, priced at P36 per share. The value translates to a 49-percent premium over the one-year weighted average price of P24.15.

The offer is supported by an independent valuation issued by MIC Capital Corp., which boasts a five-decade background as financial advisor for firms listed with the PSE.

During the same meeting, investors approved the amendment to ATI’s articles of incorporation, increasing the board seats to nine from eight.

MIC president and CEO Rafael Consing Jr. was conditionally elected as a new member of ATI’s board of directors, subject to the completion of the tender offer.

Consistent with the PSE’s rules, ATI is scheduled to delist 60 days upon filing of the petition to exit the main board. The company told shareholders that business would go as usual, committing that operations are unaffected by the process to become private.

MIC is expected to own 11.2 percent of ATI’s capital stock by the end of the tender offer. MIC’s investment in ATI could amount to around P8 billion based on the company’s two billion shares listed on the PSE.

For ATI, the move to delist from the PSE gives it the flexibility to pursue expansion projects, as it no longer has to report corporate transactions to the public.

For MIC, ATI is an investment play that places the country’s sovereign wealth fund at the center of the global supply chain, which is only projected to grow further as economies expand.