By Aubrey Rose A. Inosante and Ashley Erika O. Jose, Reporters
THE PHILIPPINES’ sovereign wealth fund plans to spend about P8 billion to buy up to 11.2% of port operator Asian Terminals, Inc. (ATI) in a “strategic” move to invest in the sector.
The transaction will lead to ATI’s voluntary delisting from the Philippine Stock Exchange (PSE).
In a statement on Tuesday, the Maharlika Investment Corp. (MIC) said it plans to buy a minority stake in the Tanco-led ATI to “secure a significant position in one of the country’s vital trade gateways.”
The potential investment amount is at least P8 billion, MIC President and Chief Executive Officer Rafael D. Consing, Jr. said in a Viber message to BusinessWorld.
“The port sector is the circulatory system of the Philippine economy. My previous tenure in global logistics has reinforced the conviction that port infrastructure is not merely a business, but a strategic national asset,” Mr. Consing said in the statement.
Mr. Consing said the fund aims to “capture value” from utilities that have “high barriers to entry and a direct correlation to the country’s GDP (gross domestic product) growth.”
“This ensures that our portfolio is resilient, cash-generative, and aligned with national progress. Our entry into ATI is a definitive move to anchor these assets within the Philippine financial ecosystem,” he said.
MIC’s investment in ATI would be its second deal this year, following the acquisition of a 20% stake in Synergy Grid & Development Phils., Inc. for P19.7 billion which gave it a “foothold” in National Grid Corp. of the Philippines.
Maharlika has about P71 billion in deployable capital for future investments.
DELISTINGThe MIC is seeking to conduct a tender offer for ATI’s shares, which will run in parallel with ATI’s voluntary delisting from the PSE.
“By entering during the delisting process, MIC maximizes the efficiency of its capital deployment, securing an institutional-grade position in a mature, revenue-generating utility,” the fund said.
ATI told the stock exchange that its board of directors on Tuesday approved the company’s voluntary delisting from the main board of the PSE, after receiving MIC’s notice.
The listed port operator will also expand its share buyback program to acquire the remaining public float shares and employee-held shares, through the same tender offer. Its board also approved to increase its share buyback program to P5 billion.
ATI said MIC has expressed its intention to make a tender offer to its shareholders to acquire up to 101.19 million common shares of ATI at P36 each or around P3.64 billion.
MIC is expected to hold about 11.2% of ATI’s outstanding capital stock once the tender offer is completed, the port operator said.
“This allows ATI to advance its plans for efficiency, infrastructure modernization, and market development, aligned with its mandate to make trade flow efficiently and sustainably,” the company said.
The company also said that MIC’s tender offer bolsters its position in the industry and reflects confidence in its performance, governance and position in the logistics and ports sector.
ATI is also set to conduct a special shareholder meeting on Jan. 30, 2026 for the approval of the voluntary delisting by its stockholders.
On Tuesday, ATI requested a voluntary trading suspension which will be lifted at 9 a.m. on Dec. 17.
In a separate disclosure, ATI’s board of directors has also approved the amendment of its articles of incorporation to increase the number of directors to nine from the current eight.
“The rationale for the increase in the number of directors is to allow Maharlika Investment Corp. representation in the Board of ATI,” ATI said, adding that this is subject to MIC acquiring more than 9% of its issued and outstanding shares and the effectivity of its delisting from PSE.
For China Bank Capital Corp. Managing Director Juan Paolo E. Colet, MIC’s investment in ATI will attract more investments in domestic ports.
“Maharlika should take it a step further by leveraging its stature and network to attract quality foreign funds to co-invest in our country’s maritime infrastructure. We need more and better ports to significantly promote growth across regions,” Mr. Colet said in a Viber message.
Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said that ATI’s decision to pursue voluntary delisting from the PSE reflects its capital strategy.
“ATI’s leadership is signaling a preference for greater strategic and operational flexibility outside the listed environment particularly when a credible investor like Maharlika is willing to support the transaction and potentially take a board seat,” Mr. Arce said.
ATI manages and operates several terminals in the country including the Manila South Harbor, the Port of Batangas, Batangas Container Terminal and off-dock yards in Sta. Mesa, Manila; and Calamba, Laguna.
For the January-September period, the company saw its attributable net income jump by 34.38% to P4.26 billion.
“For the ports and logistics sector, ATI’s delisting may reduce the number of publicly traded pure-play terminals on the PSE, potentially narrowing sector representation and investor choice,” Mr. Arce said.
The planned delisting of ATI could also signal that some firms see greater advantage in private ownership structure than public listing, he said.
