PHILIPPINE sovereign wealth fund Maharlika Investment Corp. and Asian Terminals Inc. (ATI) on Wednesday said their tender offer for the port operator’s common shares had exceeded the threshold for voluntary delisting from the Philippine Stock Exchange (PSE).
In a disclosure, Maharlika Investment and ATI said that as of 3 p.m. on March 3, a total of 177,612,478 ATI shares — equivalent to 9.16 percent of the company’s total issued and outstanding listed shares — were validly tendered.
“The total of the tendered shares, excluded shares and other nonpublic shares, representing 99.29 percent of ATI’s total issued and outstanding common shares, has exceeded the threshold required to complete the voluntary delisting,” they said.
Under PSE rules, at least 95 percent of the issued and outstanding shares should be acquired for a voluntary delisting to be approved.
Of the tendered shares, 101,189,675 shares were allocated to Maharlika and 76,422,803 shares to ATI.
The cross date for the tendered shares has been set for March 13, with settlement to follow on March 17.
On the cross date, Asian Terminal’s public float is expected to drop to 0.74 percent, which would trigger the suspension of trading in accordance with PSE regulations.
“Accordingly, the bidders anticipate the voluntary delisting of ATI with its share trading being suspended from March 13, 2026, upon crossing of tendered shares, in accordance with voluntary delisting procedures of the PSE and all other applicable regulatory requirements,” the two companies said.
The tender offer represents Asian Terminal’s shift toward a privately held structure after Maharlika bought a minority stake last year.
Asian Terminals shares held steady at P35.00 each on Wednesday amid a 2.13-percent drop for the benchmark PSE index.
