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 young offer and the following share crossing of tendered shares conducted jointly with Maharlika Investment Corp. (MIC).
ATI and MIC, as proponents of the tender offer, acquired not less than 95% of ATI’s outstanding shares, in keeping with the PSE’s ownership requirement for voluntary delisting.
The corporate’s public shareholding has fallen below the minimum public float required under PSE rules. Trading of ATI shares has also been suspended as a part of the method.
“With MIC’s participation, ATI is poised to embark on a brand new chapter of sustained growth because 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 proceed without changes.
Last week, MIC said it accomplished the acquisition of shares in ATI from Seawood Resources, Inc., Kayak Holdings, Inc., and Asiasec Equities, Inc., amongst others.
The tender offer resulted within 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 within 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