ASIAN Terminals Inc. (ATI) cleared its final hurdle toward privatization on Jan. 30, 2026, after 90.34 percent of shareholders approved the company’s voluntary delisting from the Philippine Stock Exchange (PSE).
This vote comfortably exceeds the two-thirds regulatory threshold and keeps dissenting votes below the 10-percent limit required by the bourse.
The exit is anchored by a tender offer price of P36.00 per share, representing a 49-percent premium over the one-year volume-weighted average price of P24.15. This valuation facilitates the entry of the Maharlika Investment Corp. (MIC), which intends to acquire approximately 11.2 percent of the firm’s shares for an estimated P8 billion. To accommodate this partnership, shareholders also approved expanding the board from eight to nine seats, conditionally electing MIC President and CEO Rafael Consing Jr. as a director. The formal delisting is expected 60 days after the petition is filed.
This strategic pivot for the operator of Manila South Harbor and the Port of Batangas aims to gain investment flexibility without the pressures of public reporting. The transition was triggered by MIC’s intent to secure a stake, aligning with the sovereign wealth fund’s mandate to invest in national assets that catalyze economic growth.
ATI emphasized that terminal operations will remain “business as usual.” The partnership with global leader DP World continues, with all service contracts, employee agreements, and expansion projects remaining intact. The firm will maintain its focus on technology and sustainable operations as a privately held entity.
“The port sector is the circulatory system of the Philippine economy,” said Consing. “We are deploying the Fund to capture value from critical utilities that possess high barriers to entry and a direct correlation to the country’s GDP growth. This ensures our portfolio is resilient, cash-generative, and aligned with national progress.”
By acquiring this minority stake, MIC ensures the Philippine government holds a permanent economic interest in the national supply chain. Consing described the move as “Sovereign Stewardship,” allowing the State to harvest economic yields from trade flows. “Our entry into ATI is a definitive move to anchor these assets within the Philippine financial ecosystem and enhance our capability to generate sustainable wealth,” he added.