ATI nears delisting after receiving majority of tendered shares

ASIAN TERMINALS, INC. (ATI) is moving closer to its planned delisting after receiving sufficient shares from minority stockholders, the listed company said on Wednesday.

In a regulatory filing, ATI and Maharlika Investment Corp. (MIC) reported that preliminary tender offer results showed 177.61 million common shares were tendered, representing 9.16% of its total issued and outstanding listed shares.

ATI said the total of tendered, excluded, and other non-public shares — representing 99.29% of its issued and outstanding common stock — has surpassed the threshold required to complete the company’s voluntary delisting.

The company said the cross date of the tendered shares is scheduled for March 13, while settlement will take place on March 17.

Once the tendered shares are formally transferred to the bidder, ATI’s public float will be at 0.74%, while the combined tendered shares, excluded shares, and other non-public shares will exceed the voluntary delisting threshold of 95%.

“Accordingly, the bidders anticipate the voluntary delisting of ATI with its share trading being suspended from 13 March 2026 upon crossing of tendered shares, in accordance with voluntary delisting procedures of the PSE (Philippine Stock Exchange) and all other applicable regulatory requirements,” ATI said.

ATI is scheduled to exit the PSE on April 3, following board and shareholder approvals and pending completion of regulatory requirements, the company announced in February.

According to its petition for voluntary delisting, ATI and 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, the company 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.

At the local bourse, ATI shares closed unchanged at P35 apiece. — Ashley Erika O. Jose