Asian Terminals Inc. (ATI) has secured approval from its shareholders to voluntarily delist from the Philippine Stock Exchange (PSE).
During a special stockholders’ meeting held virtually Friday, shareholders representing 90.34 percent, or more than two-thirds of the firm’s total outstanding and listed shares, voted in favor of delisting the company’s shares from the PSE Main Board.
The move follows the December 2025 approval by the ATI board to initiate the process, which aims to provide the company greater investment flexibility and operational agility.
The strategic shift was also prompted by a notice of intent for a tender offer from the Maharlika Investment Corp. (MIC), the government’s sovereign wealth fund manager. MIC intends to buy into the minority public float of ATI to align with its goal of generating sustainable wealth for national economic growth.
The partnership reinforces ATI’s role in trade by leveraging its 40 years of operational experience with MIC’s mandate to catalyze growth through high-impact investments. Under PSE rules, voluntary delisting requires approval from at least two-thirds of the board of directors—including the majority of independent directors—and stockholders owning at least two-thirds of outstanding shares. Votes against the proposal must not exceed 10 percent of the total outstanding shares.
Having met these requirements, MIC and ATI will launch a tender offer to acquire shares from public float shareholders at P36 per share. This price represents a 49 percent premium over the one-year volume-weighted average price of P24.15. The offer is based on a fairness opinion from MBI Capital Corp., an independent financial advisor accredited by the PSE.
In related developments, shareholders approved amending ATI’s articles of incorporation to increase board seats from eight to nine. MIC president and chief executive Rafael Consing Jr. was conditionally elected as a new board member, pending the completion of the tender offer process.
Consistent with exchange rules, ATI is expected to be delisted 60 days after filing its petition. The company stated that operations remain “business as usual,” and the delisting will not affect relationships with employees, customers, or partners. Services and contracts remain unchanged as ATI continues investments in capacity expansion and technology as a privately held company.
