Asian Terminals Inc. (ATI) shareholders have elected Maharlika Investment Corp. President and Chief Executive Officer Rafael Jose D. Consing Jr. to the company’s board of directors amid push by the sovereign wealth fund into the nation's logistics infrastructure.

The appointment, finalized during a recent special stockholders’ meeting, remains contingent on the completion of regulatory and transaction milestones. These include a successful tender offer for the company’s public float, the voluntary delisting of the port operator from the Philippine Stock Exchange, and approval from the Securities and Exchange Commission to expand the board to nine seats.

The move places the head of the ₱125 billion sovereign fund at the center of one of the country’s main gateway operators. Consing brings more than two decades of experience in infrastructure finance and capital markets to the role, having previously served as a senior executive for International Container Terminal Services, Inc. (ICTSI).

“One of Maharlika’s key pillars is in transportation and logistics infrastructure,” Consing said in a statement. “Ports are the economic arteries of our nation. They are the pulse of our trade, moving the goods and ideas that fuel our growth and connecting the lives of every Filipino to the rest of the world.”

The transition toward private ownership is being facilitated by a tender offer priced at ₱36.00 per share, a 49 percent premium over Asian Terminals’ one-year volume-weighted average share price as of December 2025.

The valuation was validated by an independent fairness opinion issued by Multinational Investment Bancorporation Capital.

For Maharlika, the investment serves as a vehicle to participate in the modernization of logistics assets that directly influence trade efficiency and business costs. Consing noted that the deal allows the fund to back a cash-generative infrastructure operator while supporting broader economic competitiveness. The tender offer is intended to provide public shareholders a transparent exit at a premium as the company shifts its focus away from the volatility of the public markets.

As the Philippine government seeks to bolster its infrastructure through the sovereign fund, the integration of Maharlika leadership into the board of Asian Terminals suggests a more hands-on approach to managing state-backed investments in the maritime sector. (Derco Rosal)