ATI eyes April 3 exit from PSE

MANILA, Philippines – Asian Terminals Inc. (ATI) is set to exit from the local bourse by early April after its board approved a voluntary delisting, with the bulk of shares expected to be acquired by upstart sovereign wealth fund Maharlika Investment Corp. (MIC).

In a disclosure on Tuesday, ATI said shareholders representing at least two-thirds of its outstanding and listed shares approved the delisting during a Jan. 30 meeting. 

READ: Maharlika to invest up to P8B in ATI 

Subject to approval by the Philippine Stock Exchange (PSE), ATI’s exit would mark the first delisting from the local bourse this year. 

Following the board’s approval, ATI has launched a tender offer that will run until March 3, offering P36 per share.

This offer covers up to 191.44 million shares, allowing MIC and other delisting proponents to acquire up to 100 percent of ATI’s capital stock.

In mid-December, the Tanco Group-led firm expressed its intention to voluntarily delist from the PSE, citing the need for “greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.”