ATI secures PSE approval for April 3 delisting

LISTED PORT OPERATOR Asian Terminals, Inc. (ATI) said it has secured approval from the Philippine Stock Exchange (PSE) to delist from the local bourse on April 3.

In a media release on Thursday, ATI said it received notice from the PSE approving its petition for voluntary delisting.

The approval followed the completion of a tender offer and the subsequent share crossing of tendered shares conducted jointly with Maharlika Investment Corp. (MIC).

ATI and MIC, as proponents of the tender offer, acquired at least 95% of ATI’s outstanding shares, in line with the PSE’s ownership requirement for voluntary delisting.

The company’s public shareholding has fallen below the minimum public float required under PSE rules. Trading of ATI shares has also been suspended as part of the process.

“With MIC’s participation, ATI is poised to embark on a new chapter of sustained growth as it further expands its role in facilitating efficient and sustainable trade in support of industries, communities, and the broader Philippine economy,” ATI said.

ATI said port and terminal operations will continue without changes.

Last week, MIC said it completed the acquisition of shares in ATI 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 under its share buyback program.

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