ATI announces voluntary delisting from Philippine Stock Exchange
Company’s delisting aims to boost logistics and supply chain flexibility
Asian Terminals Inc. (ATI), a leading ports and terminals operator in the Philippines, has initiated steps for the company’s voluntary delisting with the Philippine Stock Exchange (PSE).
ATI’s Board of Directors announced the decision after a meeting and said in a company announcement that the decision will allow for greater investment flexibility and enhanced operational agility as it continues to support the growing logistics and supply chain industry.
The decision comes following ATI’s receipt of notice from the Maharlika Investment Corporation (MIC), wherein the investment firm expressed interest in putting forward a tender offer for a portion of ATI’s public float shares.
In the same meeting, the Board also expanded ATI’s buyback program to acquire remaining public float shares and employee-held shares, through the same tender offer.
The tender offer of $0.61 (PHP 36) per share will allow shareholders to sell their shares back to protect their interests and to ensure ATI compliance with Securities and Exchange Commission (SEC) and PSE rules.
Following completion of the tender offer, and subject to the level of tenders received, MIC is expected to hold approximately 11.2% of ATI’s outstanding capital stock.
According to the company announcement, the delisting is meant to allow ATI to advance its plans for efficiency, infrastructure modernisation, and market development, aligned with its mandate to make trade flow efficiently and sustainably.
ATI said that the delisting process, in compliance to applicable SEC and PSE rules and regulations, will not affect its day-to-day operations or relationships with employees, customers, and partners.
The company reiterated that its services, contracts, and commitments remain unchanged, with ongoing investments focused on capacity expansion, technology adoption, and sustainable market-leading practices.
