By Ashley Erika O. Jose, A reporter
ASIAN TERMINALS, INC. (ATI) is scheduled to delist from the Philippine Stock Exchange (PSE) on April 3, subject to board and shareholder approvals, pending completion of regulatory requirements.
According to the company’s voluntary delisting application filed on Tuesday, the listed port operator and Maharlika Investment Corp. (MIC) is expected to acquire up to 191.44 million shares at P36 each to acquire full ownership of ATI’s outstanding stock.
MIC and ATI launched a tender offer from February 2 to March 3 to acquire shares from ATI shareholders of the public float, it said, adding that the P36 offer represents a 49% premium over the one-year volume estimate of P24.15 per share.
In December last year, MIC said it plans to buy a stake in ATI led by Tanco as part of its strategy to position itself as one of the country’s key trade gateways.
MIC intends to make a tender offer for the shares of ATI, which coincides with the voluntary delisting of ATI from the PSE.
In a separate press release on Tuesday, MIC said its President and Chief Executive Officer Rafael Jose D. Consing, Jr. was elected by ATI shareholders as an additional member of the ATI Board of Directors.
His thinking on the board will continue after the finalization of important operational and regulatory measures related to ATI’s planning, MIC said.
“Ports are the economic arteries of our nation. They are the backbone of our trade, moving goods and ideas that enable our growth and connect the lives of all Filipinos around the world,” said Mr. Consing.
ATI will also expand its share buyback program to acquire the remaining float and employee-owned shares through a similar tender offer. Its board earlier approved an increase in the share buyback program to P5 billion.
The board of this company also approved to amend the company’s founding conditions to increase the number of directors to nine from the current eight.
ATI said it received shareholder approval for the delisting, noting that 90.34% of all the company’s outstanding shares voted for the voluntary delisting.
“This reinforces ATI’s important role in making trade faster and smarter, leveraging its four decades of operational strength and financial strength with MIC’s mandate to promote inclusive and sustainable economic growth through high-impact investments in strategic sectors for the development of the country,” said ATI.
Under PSE rules, a voluntary delisting must secure approval from at least two-thirds of the company’s board of directors, including a majority – but not less than two – of its independent directors. It must also be approved by shareholders representing at least two-thirds of the total outstanding capital and listed in the company, with votes against delisting not exceeding 10% of all shares, ATI said.
“This move is in line with a broader global trend where public companies are increasingly opting to go private to escape short-term market pressures and focus on long-term strategic goals without the scrutiny and quarterly operating demands of public markets,” Globalinks Securities and Stocks, Inc. Head of Marketing Toby Allan C. Arce said in a Viber message.
He added that ATI’s delisting may prompt a re-examination of the value of the proposed public listing among shipping and logistics companies.
Companies may weigh the costs of compliance, disclosure requirements, and market volatility against the benefits of public financing, he said.
“Privatization trends have grown significantly over the past 15 years, reaching a peak in 2024, suggesting that ATI’s decision is part of a larger structural change rather than an isolated event,” he said.
ATI’s delisting may also discourage companies from pursuing an initial public offering (IPO), Mr. Arce.
“The delisting of ATI may be a warning, especially if they see that stable state-owned companies choose to exit instead of staying on the list,” he said, adding that this move could slow down the IPO’s performance in the sector.
By 2026, the PSE has set a modest target of about four IPOs, citing a cautious equity fundraising pipeline after the listing fell short of expectations last year. The local currency aims to collect approximately P170 billion to P175 billion this year, which is more than the P144.14 billion collected in 2025.
Last year, only two companies went public from the first six targets, with Cebu-based fuel distribution company Top Line Business Development Corp. which went into effect in April, and the West Zone water concessionaire Maynilad Water Services, Inc. finalizing its offer in November.
ATI owns and operates several terminals in the country, including Manila South Harbor, Port of Batangas, Batangas Container Terminal, and off-dock yards in Sta. Mesa, Manila, and Calamba, Laguna.
On Tuesday, ATI shares closed unchanged at P35.10 each.
