Robinsons Retail moves closer to PSE exit after Gokongwei-backed tender offer succeeds

Philippines-based Robinsons Retail Holdings, Inc. (RRHI) is set to proceed with its voluntary delisting from the Philippine Stock Exchange (PSE) after its majority shareholder successfully completed a tender offer that pushed its ownership well beyond the threshold required under exchange rules.

JE Holdings, RRHI's largest principal shareholder, acquired 229.58 million common shares during its tender offer, which ran from 25 May to 6 July. The transaction exceeded the 179.56 million shares needed to surpass the 95% ownership requirement for voluntary delisting.

Following the acquisition, JE Holdings and the other proponents of the delisting will collectively own 99.69% of RRHI's issued and outstanding capital stock, leaving the company with a public float of just 0.31%.

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The tendered shares are scheduled to be crossed on the PSE on 13 July, with settlement expected on 15 July. RRHI added that the Philippine competition commission had confirmed the transaction does not require a compulsory notification.

The retailer's next step will be to secure approval from the PSE to formally delist its common shares.

"While we embark on a new chapter, our commitment to being the retailer of choice in the Philippines is unchanged," said RRHI president and chief executive Stanley Co.

The company, part of the Gokongwei family's business empire, operates one of the Philippines' largest retail networks, spanning supermarkets, department stores, convenience stores, drugstores, DIY outlets and specialty retail chains.

RRHI joins a growing list of Philippine-listed companies that have opted to go private. Companies including Asian Terminals Inc., 8990 Holdings and Keppel Holdings Inc. have also delisted in recent years.

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