Maharlika tender offer spurs ATI delisting

Sovereign wealth fund (SWF) Maharlika Investment Corp. (MIC) is planning to acquire up to 11.2 percent of Asian Terminals Inc. (ATI), the port operator controlled by Eusebio Tanco, for about P8 billion—a move intended to lead to the company’s delisting from the Philippine Stock Exchange (PSE).

- By JAMES A. LOYOLA

In a disclosure to the PSE, ATI said MIC intends to launch a tender offer for up to 101.19 million common shares, representing 5.1 percent of the port operator, for P3.64 billion. The offer is being made “with a view to voluntarily delist ATI” from the bourse.

The planned acquisition by MIC would reduce ATI’s public float to 4.53 percent from the current 15.73 percent, falling below the PSE’s minimum requirement of 10 percent.

The offer price for the tender offer shares is set at P36 per share, a value supported by a fairness opinion from independent valuator MIB Capital Corp.

ATI’s board of directors initiated steps for the company’s voluntary delisting during a meeting held on Tuesday, Dec. 16, stating that the move would “enable greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.”