The Maharlika Investment Corp. (MIC) is planning to acquire up to 11.2 percent of Asian Terminals Inc. (ATI), the port operator controlled by Eusebio Tanco, for about ₱8 billion, a move intended to lead to the delisting of the company from the Philippine Stock Exchange (PSE).

In a disclosure to the PSE, ATI announced that the MIC intends to launch a tender offer for up to 101.19 million common shares, representing 5.1 percent of the port operator, for ₱3.64 billion. The offer is being made “with a view to voluntarily delist ATI” from the bourse.

The planned acquisition by the MIC would reduce ATI’s public float to 4.53 percent from the current 15.73 percent, falling below the PSE’s minimum requirement of 10 percent.

The offer price for the tender offer shares is set at ₱36 per share, a value supported by a fairness opinion from independent valuator MIB Capital Corp.

ATI’s Board of Directors initiated steps for the company’s voluntary delisting during a meeting on Tuesday, Dec. 16, stating the action would “enable greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.”

The company characterized the delisting as a strategic step to optimize its structure for long-term growth, which it said will enable faster decision-making, greater investment flexibility, and enhanced operational capabilities.

"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," ATI said.

ATI further noted that the MIC’s interest "reaffirms the company’s strong industry position and reflects independent external confidence" in its performance, governance, and critical role in the national logistics and port ecosystem. The move aligns with the MIC’s mandate to invest in strategic sectors of the Philippine economy.

Following the receipt of the MIC’s notice of intent, ATI's Board approved the voluntary delisting and expanded the company’s share buyback program to acquire remaining public float shares, including employee-held shares, through the same tender offer.

The Board approved a resolution for ATI to be a co-bidder in the tender offer by the MIC and to increase its Share Buyback Program by up to $text{P}5$ billion.

ATI will also buy back shares from existing holders Eximious Holdings, Inc., Eujo Phils. Incorporated, and Biolim Holdings and Management Corp. under the expanded buyback program.

To allow shareholders time to absorb the information, the PSE approved ATI’s request for a voluntary one-day trading halt, effective from 9 a.m. on December 16 to 9 a.m. of December 17, 2025.

The port operator has called a special stockholders’ meeting on January 30, 2026, to secure shareholder approval for the delisting. Shareholders will also vote on amending the company’s articles of incorporation and by-laws to increase the number of board directors to nine from eight and to elect the ninth director to represent the MIC.

These amendments are contingent on the MIC acquiring more than nine percent of ATI, the successful delisting of ATI, and the approval of the Securities and Exchange Commission (SEC) for the changes to the firm’s articles of incorporation and by-laws.

ATI affirmed that the delisting process, which will comply with all applicable SEC and PSE rules, will not disrupt its day-to-day operations or relationships with employees, customers, and partners. The company's services, contracts, and commitments remain unchanged, with ongoing investments focused on capacity expansion, technology adoption, and sustainable market-leading practices.