Maharlika to invest up to P8B in ATI
Maharlika Investment Corp. (MIC), the country’s sovereign wealth fund, will invest up to P8 billion in Asian Terminals Inc. (ATI) to strengthen the government’s stake in strategic sectors of the Philippine economy.
The investment comes as the Tanco-led port operator called for a voluntary delisting on the Philippine Stock Exchange (PSE), which they said was part of a “strategic step to optimize the company’s structure for long-term growth.”
MIC aims to acquire around 11.2 percent of ATI, executing the transaction through two steps: a direct acquisition of 121.18 million shares from existing shareholders and a tender offer for up to 101.19 million shares of the public float at P36 per share.
The tender offer portion amounts to roughly P3.6 billion, while the full acquisition, if fully taken up, represents P8.06 billion. The initial stake is equivalent to around 5 percent of ATI’s issued shares.
“The final investment amount will depend on the level of acceptance by public shareholders and will only be determined after the tender offer process is completed,” MIC said in a Viber message.
Through this tender offer, ATI has been granted by the board to be a cobidder and increase its share buyback program by up to P5 million.
ATI’s buyback program extends to the existing holders, Eximious Holdings, Inc., Eujo Phils. Incorporated and Biolim Holdings and Management Corp.
MIC’s P36 tender offer was guided by “an independent fairness opinion.” The announcement succeeded the ATI shares on Monday, after closing at P34.30 apiece.
Due to the recent disclosure on Maharlika’s tender offer, ATI voluntarily requested a one-day trading halt effective 9 a.m. Dec. 16 to 9 a.m. Dec. 17, 2025, as approved by the PSE. This allows its shareholders to digest the delisting plans of the port operator.
To finalize the delisting process, ATI will hold a special shareholders’ meeting on Jan 30, 2026, securing stockholders’ approval. This is in accordance with applicable rules and regulations by the Securities and Exchange Commission (SEC) and PSE.
ATI assured the public that the delisting “will not affect its day-to-day operations or relationships with employees, customers, and partners.”
“Its services, contracts, and commitments remain unchanged, with ongoing investments focused on capacity expansion, technology adoption, and sustainable market-leading practices,” ATI said.
ATI operates the Manila South Harbor, under a concession from the government-owned Philippine Ports Authority (PPA). It also manages the Port of Batangas, Batangas Container Terminal and off-dock yards in Sta. Mesa, Manila, and Calamba, Laguna.
‘Sovereign stewardship’
In a statement, the government-backed fund said the investment reflects a strategy of “sovereign stewardship,” in line with its mandate to direct capital into strategic real-economy assets.
As it is, the investment ensures the Philippine government keeps a passive stake in key infrastructure.
“The port sector is the circulatory system of the Philippine economy. My previous tenure in global logistics has reinforced the conviction that port infrastructure is not merely a business, but a strategic national asset,” MIC president and CEO Rafael Consing said.
He added that the investment is part of MIC’s broader strategy to secure long-term economic value from critical sectors of the economy.
“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 that our portfolio is resilient, cash-generative, and aligned with national progress,” Consing said.
Once the transaction is completed, MIC will secure a seat on ATI’s board, which, according to Consing, will help anchor the port operator within the Philippine financial ecosystem.
“By securing our position in this utility, we are enhancing our sovereign capability to generate sustainable wealth, which is inextricably linked to the nation’s long-term economic security,” he said.
