PH sovereign wealth fund acquires minority stake in Asian Terminals

Sovereign stewardship guides the MIC investment in strategic port asset.

The Philippines’ Maharlika Investment Corporation (MIC) will acquire Asian Terminals Inc. (ATI) shares, earning a significant position in one of the country’s vital trade gateways.

According to a press release, the acquisition is part of the strategy of “Sovereign Stewardship” where the government will reap rewards from the trade flow and economic wealth generated while the asset privatizes.

MIC’s tender offer comes after the voluntary delisting of ATI from the Philippine Stock Exchange. It will offer to acquire shares from the public float at $0.61 (P36).

The tender offer involves purchase of shares and represents a change in ownership and not a capital injection for operational costs or expansion.