Maharlika completes stake acquisition in ATI

THE MAHARLIKA Investment Corp. (MIC) said it has completed its acquisition of shares in Asian Terminals, Inc. (ATI), securing a stake in the port and logistics operator.

“The accepted shares tendered in the transaction were crossed through the facilities of the Philippine Stock Exchange (PSE) on March 13, with settlement completed on March 17,” MIC said in a statement on Tuesday.

“Following this process, MIC has formally become a shareholder of ATI, securing an equity stake in one of the country’s most critical port and logistics infrastructure operators,” it added.

The shares were acquired from Seawood Resources, Inc., Kayak Holdings, Inc., and Asiasec Equities, Inc., among others.

The tender offer resulted in the acquisition of 177.61 million ATI common shares, of which 101.19 million were allocated to MIC and 76.42 million to ATI as part of its share buyback program.

Following the transaction, ATI’s public float fell to 0.74%, while combined tendered shares, excluded shares, and other non-public shares reached 99.29%, exceeding the 95% threshold for voluntary delisting.

ATI is scheduled to delist from the Philippine Stock Exchange on April 3, as previously announced.

MIC said the investment positions the company in a key segment of the country’s trade and logistics sector.

“When we first announced this intent in December, I described the port sector as the ‘circulatory system of the Philippine economy.’ Today, we have successfully secured our place within that system,” said MIC President and Chief Executive Officer Rafael D. Consing, Jr.

“This investment fulfills our mandate to capture value from assets with high barriers to entry and a direct correlation to our nation’s gross domestic product growth,” he added.

MIC said the investment could support job creation, improve logistics and supply chain efficiency, and facilitate the adoption of digital solutions in port operations.

Established under Republic Act No. 11954, MIC manages the Maharlika Investment Fund.

It is mandated to support economic development through strategic investments in sectors such as infrastructure, energy, agriculture, and digitalization. — Justine Irish D. Tabile