Manila, Philippines – The Maharlika Investment Corporation (MIC) today announced a strategic initiative to acquire up to 11.2% of Asian Terminals Inc. (ATI), moving to securing a significant position in one of the country’s vital trade gateways.
The acquisition will be carried out through both a direct acquisition of shares from, and a tender offer to, existing public shareholders, running in parallel with ATI’s voluntary delisting from the Philippine Stock Exchange (PSE).
Validating the Sector
MIC’s entry into the port sector is driven by a deep understanding of the industry’s role in the national economy.
“The port sector is the circulatory system of the Philippine economy. My previous tenure in global logistics has reinforced the conviction that port infrastructure is not merely a business, but a strategic national asset,” said Rafael D. Consing, President and CEO of the Maharlika Investment Corporation.
“We are deploying the Fund to capture value from critical utilities that possess high barriers to entry and a direct correlation to the country’s GDP growth. This ensures that our portfolio is resilient, cash-generative, and aligned with national progress.”
A Sovereign Approach to Value
This transaction executes on MIC’s mandate to direct capital into strategic real-economy assets. By acquiring a minority stake in ATI, MIC ensures that the Philippine government holds a permanent economic interest in the infrastructure that powers the national supply chain.
MIC views this as a strategy of ‘Sovereign Stewardship’—ensuring that as this key asset privatizes, the State retains a passive stake to harvest the economic yield generated by Philippine trade flows.
Beyond economic participation, successful completion of the transaction secures minority governance rights for the government, including up to one seat on ATI’s Board of Directors. This board representation provides transparency over strategic decisions affecting national infrastructure while preserving the company’s operational independence and private sector management. “Our entry into ATI is a definitive move to anchor these assets within the Philippine financial ecosystem,” Consing added. “By securing our position in this utility, we are enhancing our sovereign capability to generate sustainable wealth, which is inextricably linked to the nation’s long-term economic security.”
Transaction Structure
MIC will offer to acquire shares from the public float at PHP36.00 per share, with valuations supported by an independent fairness opinion. The tender offer and delisting process provides a liquidity event for minority shareholders while allowing the Maharlika Fund to consolidate a meaningful stake at an institutional valuation.
Secondary Market Transaction: This investment involves the purchase of shares from the investing public. Proceeds from the offer go to selling shareholders, not to the company. It represents a change in ownership composition, not a capital injection for operational expansion.
Capital Efficiency: By entering during the delisting process, MIC maximizes the efficiency of its capital deployment, securing an institutional-grade position in a mature, revenue-generating utility.
