ASIAN Terminals Inc. (ATI) on Tuesday filed a petition for voluntary delisting from the Philippine Stock Exchange (PSE) after obtaining the requisite approvals from its board of directors and shareholders, with a proposed effective date of April 3, 2026.
In a disclosure, the company also said that it was launching a mandatory tender offer for shares held by minority shareholders at P36.00 apiece.
The petition for voluntary delisting comes after Maharlika Investment Corp., manager of the Philippines’ first sovereign wealth fund, notified the company last Dec. 15, 2025 of its intention to undertake the tender offer and voluntary delisting.
ATI said that Maharlika intended to acquire and that ATI wanted to buy back up 191.43 million shares of the company’s outstanding capital stock.
ATI said it and Maharlika were undertaking the tender offer “to obtain 100-percent ownership of the outstanding capital stock of ATI, subject to the terms of the tender offer.”
The voluntary delisting was approved by stockholders representing 90.34 percent of the company’s shares last Friday, with only 3.27 percent voting against, with no abstentions recorded.
The delisting remains subject to the successful completion of the tender offer and the acquisition by the bidders of sufficient shares to meet the PSE’s delisting threshold, the bourse’s approval and completion of all regulatory requirements
Proponents of the voluntary delisting collectively own 88.49 percent of ATI’s total issued and outstanding common stock, with DP World Australia Pty, Ltd and ATI Holdings, Inc. as the largest shareholders among the proponents (owning 17.88 percent and 15.03 percent, respectively), while Maharlika Investment owns a 4.62-percent stake.
The tender offer period began Monday, Feb. 2, and will run until March 3, 2026. The accepted tender offer shares will be crossed on or before March 13, 2026.
Settlement of the tendered shares is scheduled no later than March 17, 2026, unless the offer period is extended with regulatory approval.
ATI said the tender offer price of P36.00 represented a 49-percent premium over the one-year volume-weighted average price of its shares prior to the disclosure of the board’s delisting approval.
After deducting related charges and fees, ATI estimates that net proceeds to tendering shareholders would amount to approximately P35.95 per share, excluding broker commissions.
Upon achieving the delisting threshold, the tendered shares will be allocated between Maharlika and ATI. Maharlika is set to acquire up to 101,189,675 common shares while ATI will acquire any remaining tendered shares in excess up to a maximum of 90,248,389 shares.
The company’s shares closed unchanged at P35.10 on Tuesday amid a 1.67-percent advance for the benchmark Philippine Stock Exchange index.