Maharlika Investment Corp., which manages the Philippines’ sovereign wealth fund, has acquired 80.835 million shares in port operator Asian Terminals Inc. for P2.91 billion.
The move is part of the corporation’s plan to acquire an 11.2 percent interest in ATI.
In a disclosure to the stock exchange Friday, ATI said shareholder Kayak Holdings Inc. sold 80.835 million shares—equivalent to a 4.045 percent stake—to MIC. The shares were sold at P36 each, a premium over ATI’s current stock price of P34.50.
Following the sale, Kayak retains 28.664 million shares in ATI.
Earlier this month, ATI reported plans to delist from the Philippine Stock Exchange after MIC expressed interest in acquiring a minority stake. ATI said MIC intends to conduct a tender offer for a portion of the company’s public float, including shares held by employees.
Upon completion of the tender offer, and depending on the number of shares tendered, MIC is expected to own about 11.2 percent of ATI’s outstanding shares. ATI has scheduled a special shareholders’ meeting Jan. 30 to seek approval for the voluntary delisting.
ATI manages and operates the Manila South Harbor under a contract for cargo handling and related services with the Philippine Ports Authority through May 2038. It also operates the Inland Clearance Depot in Manila, the Port of Batangas, the Batangas Supply Base, and the Tanza Barge Terminal.
Additionally, ATI owns 35.71 percent of South Cotabato Integrated Port Services Inc., the cargo handling operator at Makar Wharf in General Santos City.
The port operator is owned by businessman Eusebio Tanco and Dubai-based DP World.
