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Manila Bulletin devider Business devider The Stock Market devider Asian Terminals targets April 3 delisting from PSE after ₱6.9-billion tender offer

Asian Terminals targets April 3 delisting from PSE after ₱6.9-billion tender offer

Published Feb 3, 2026 02:31 pm

Tanco-led Asian Terminals Inc. (ATI) has informed the Philippine Stock Exchange (PSE) that it plans to voluntarily delist from the bourse on April 3, 2026, a month after the completion of a ₱6.89-billion tender offer to mop up all minority shares.

In its petition for voluntary delisting filed with the PSE, the firm said ATI and Maharlika Investment Corp. (MIC) intend to buy all 191.44 million minority ATI shares at ₱36 each. The tender offer began on Feb. 2 and will end on March 3, 2026.

Currently, 13 shareholders, including Eusebio Tanco and MIC, own 1.71 billion shares, or 88.49 percent of ATI, with the remaining 11.51 percent held by public investors.

To support its delisting bid, ATI said it has already secured board and stockholder approval. Only 3.27 percent of shares voted against the delisting, while 90.334 percent approved it.

The next step is the completion of the tender offer, with the goal that at least 13 shareholders will collectively own at least 95 percent of the company’s outstanding shares, as required under PSE rules on voluntary delisting.

Last December, ATI disclosed that MIC was planning to acquire up to 11.2 percent of the company for about ₱8 billion. MIC currently owns 4.62 percent of ATI and is expected to raise its stake through the tender offer.

The tender offer is priced at ₱36 per share, supported by a fairness opinion issued by independent valuator MIB Capital Corp.

The offer price represents a 49-percent premium over the volume-weighted average price (VWAP) of ATI shares for the one-year period immediately preceding the disclosure of the board’s approval of the voluntary delisting and sits at the upper end of the valuation range provided in the fairness opinion.

ATI said the delisting will “enable greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.”

The company added that the move is a strategic step to optimize its structure for long-term growth, enabling 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,” the company said.

ATI also emphasized that MIC’s interest through the tender offer reaffirms its strong industry position and reflects independent external confidence in ATI’s performance, governance, and critical role in the national logistics and port ecosystem, consistent with MIC’s mandate to invest in strategic sectors of the Philippine economy.

Related Tags

Asian Terminals Inc. (ATI) Eusebio Tanco Maharlika Investment Corp. (MIC)
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