Philippine sovereign wealth fund Maharlika Investment Corp plans to buy 11.2% of Asian Terminals Inc (ATI), the country’s second largest port operator, for 3.6 billion pesos (US$61 million), framing the move as “sovereign stewardship” of a strategic asset.
ATI announced the planned acquisition in a filing to the Philippine Stock Exchange on December 17, saying that Maharlika intends to acquire 101.19 million shares in the port operator at 36 pesos a share.
Describing the ports sector as the “circulatory system of the Philippine economy”, Rafael Consing, chief executive officer of Maharlika, says in a separate statement that the fund is being deployed “to capture value from critical utilities” with high entry barriers and a direct correlation to economic growth.
“This ensures that our portfolio is resilient, cash-generative, and aligned with national progress,” he says. “The passive stake in the country’s second largest ports operator constitutes ‘sovereign stewardship’ of a strategic asset.”
According to Consing, Maharlika’s entry into ATI is “a definitive move to anchor these assets within the Philippine financial ecosystem”.
“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,” he says.
