Maharlika to buy P8-B Asian Terminals stake as ‘strategic PH asset’

Insider Spotlight

• Maharlika plans to buy up to 11.2 percent of Asian Terminals as the firm pursues a voluntary PSE delisting.
• Maharlika will seek minority governance rights, including up to one board seat, while keeping ATI under private-sector management.  
• Offer price disclosed at P36 per share, structured as a secondary market purchase where proceeds go to selling shareholders.  

The Maharlika Investment Corp. (MIC) said on December 16, 2025 it will move to acquire up to 11.2 percent of Asian Terminals Inc. (ATI), positioning the state-backed fund as a long-term minority holder in a key Philippine port operator as ATI proceeds with a voluntary delisting from the Philippine Stock Exchange.

At the agreed purchase price of P36 per share, the value of the deal would stand at around P8 billion based on the listed port operator’s total outstanding stock of two billion shares on the bourse.

Why it matters

Ports sit at the center of the country’s supply chain, and MIC is framing the planned stake as both an investment and a national logistics security play, aimed at keeping a lasting government economic interest in infrastructure tied to trade flows.

What they’re saying

“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,” MIC president and CEO Rafael Consing said in a statement.

“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,” he said. “This ensures that our portfolio is resilient, cash-generative, and aligned with national progress.”

Joel Consing

The passive stake in the country's second largest ports operator constitutes 'sovereign stewardship' of a strategic asset, he said.

“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.

Between the lines

MIC described the strategy as “sovereign stewardship,” aiming to retain a passive stake as the asset privatizes—while also securing visibility into strategic decisions through minority rights, including up to one board seat.

By the numbers

MIC said it will offer to acquire shares from the public float at P36 per share, with valuations backed by an independent fairness opinion, and that the tender offer and delisting process would create a liquidity event for minority shareholders.

What’s next

MIC emphasized the transaction is a secondary market purchase—meaning proceeds go to selling shareholders rather than ATI—and pitched the timing as “capital efficient” by entering during the delisting process to build an institutional-grade position in a mature utility.

— Daxim L. Lucas