RRHI set for delisting after successful tender offer

MANILA, Philippines – Robinsons Retail Holdings Inc. (RRHI) moved closer to exiting the Philippine Stock Exchange (PSE) after its controlling shareholder completed a tender offer to minority shareholders.

In a disclosure on Tuesday, RRHI said JE Holdings Inc. completed its tender offer after securing 229.58 million shares, exceeding the 179.56 million minimum for voluntary delisting.

READ: RRHI PSE exit looms as board backs delisting plan

JE Holdings and partners will own 1.062 billion RRHI shares, or 99.69 percent of outstanding shares, after the transfer.

“We are grateful for the trust and support our shareholders have shown RRHI over the years, and for their engagement throughout this process,” said Stanley Co, president and CEO of RRHI. “While we embark on a new chapter, our commitment to being the retailer of choice in the Philippines is unchanged. As we look ahead, we remain focused on strengthening our operations, pursuing long-term priorities and driving sustainable growth.”

READ: Robinsons Retail posts higher Q1 core profit but bottom line dips

The PSE will facilitate the crossing of tendered shares on July 13 and settlement on July 15. Separately, the Philippine Competition Commission confirmed that the transaction does not require compulsory notification.

A step away from delisting, RRHI’s public float will fall to 0.31 percent after the transaction. The company will next seek PSE approval to voluntarily delist its common shares.

“On behalf of the board and the RRHI management team, I thank our shareholders for their confidence and partnership throughout RRHI’s time as a publicly listed company. Your unwavering support has been instrumental in shaping our growth and success, and it has been our privilege to have shared this journey with you,” said Robina Gokongwei-Pe, chair of RRHI.