Asian Terminals scheduled to exit PSE on April 3

By Ashley Erika O. Jose, Reporter

ASIAN TERMINALS, INC. (ATI) is scheduled to exit the Philippine Stock Exchange (PSE) on April 3, following board and shareholder approvals, pending completion of regulatory requirements.

According to the company’s petition for voluntary delisting filed Tuesday, the listed port operator and Maharlika Investment Corp. (MIC) are set to acquire up to 191.44 million shares at P36 apiece to obtain full ownership of ATI’s outstanding capital stock.

MIC and ATI launched a tender offer from Feb. 2 to March 3 to acquire shares from ATI’s public float shareholders, it said, adding that the P36 offer represents a 49% premium over the one-year volume-weighted average price of P24.15 per share.

In December last year, MIC said it planned to buy a minority stake in the Tanco-led ATI as part of its strategy to position itself in one of the country’s key trade gateways.

MIC intends to conduct a tender offer for ATI’s shares, running in parallel with ATI’s voluntary delisting from the PSE.

In a separate media release on Tuesday, MIC said its President and Chief Executive Officer Rafael Jose D. Consing, Jr. was elected by ATI shareholders as an additional member of ATI’s Board of Directors.

His assumption to the board will proceed upon completion of key transaction and regulatory steps associated with ATI’s planned delisting, MIC said.

“Ports are the economic arteries of our nation. They are the pulse of our trade, moving the goods and ideas that fuel our growth and connecting the lives of every Filipino to the rest of the world,” Mr. Consing said.

ATI will also expand its share buyback program to acquire the remaining public float and employee-held shares through the same tender offer. Its board previously approved an increase in the share buyback program to P5 billion.

The company’s board has also approved amending its articles of incorporation to increase the number of directors to nine from the current eight.

ATI said it had secured shareholder approval to delist, noting that 90.34% of the company’s total outstanding and listed shares voted in favor of the voluntary delisting.

“This reinforces ATI’s pivotal role in enabling faster and smarter trade, leveraging its four decades of operational depth and financial strength with MIC’s mandate to catalyze inclusive and sustainable economic growth through high-impact investments in strategic sectors for national progress,” ATI said.

Under PSE rules, a voluntary delisting must secure approval from at least two-thirds of the company’s board of directors, including the majority — but not less than two — of its independent directors. It must also be approved by stockholders representing at least two-thirds of the company’s total outstanding and listed shares, with votes against the delisting not exceeding 10% of total shares, ATI said.

“This move aligns with a broader global trend where public companies increasingly opt for privatization to escape short-term market pressures and focus on long-term strategic objectives without the scrutiny and quarterly performance demands inherent in public markets,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

He added that ATI’s delisting could prompt a reassessment of the value proposition of public listings among shipping and logistics firms.

Companies may increasingly weigh the cost of regulatory compliance, disclosure requirements, and market volatility against the benefits of public capital access, he said.

“The trend toward privatization has accelerated significantly over the past 15 years, reaching new highs in 2024, suggesting that ATI’s decision is part of a larger structural shift rather than an isolated event,” he said.

ATI’s delisting may also discourage companies from pursuing an initial public offering (IPO), Mr. Arce noted.

“ATI’s delisting may indeed serve as a cautionary signal, particularly if they observe that established public companies are choosing to exit rather than remain listed,” he said, adding that the move could dampen IPO activity in the sector.

For 2026, the PSE has set a modest target of about four IPOs, citing a cautious equity fundraising pipeline after listings fell short of expectations last year. The local bourse aims to raise around P170 billion to P175 billion in capital this year, higher than the P144.14 billion raised in 2025.

Last year, only two companies went public from an initial target of six, with Cebu-based fuel distributor Top Line Business Development Corp. debuting in April, and West Zone water concessionaire Maynilad Water Services, Inc. completing its offering in November.

ATI manages and operates several terminals in the country, including Manila South Harbor, the Port of Batangas, Batangas Container Terminal, and off-dock yards in Sta. Mesa, Manila, and Calamba, Laguna.

On Tuesday, ATI shares closed unchanged at P35.10 apiece.