Robinsons Retail Holdings, Inc. (RRHI) is moving closer to becoming a privately held company after its majority shareholder, JE Holdings, Inc., successfully completed its tender offer, paving the way for the retailer’s voluntary delisting from the Philippine Stock Exchange (PSE).
From May 25 to July 6, JE Holdings acquired 229,579,555 common shares, exceeding the minimum requirement of 179.5 million shares needed to surpass the 95% ownership threshold required for voluntary delisting under PSE rules.
Following the tender offer, JE Holdings and its affiliated companies now own 99.69% of RRHI’s outstanding shares, leaving only 0.31% as public float.
Despite the planned delisting, RRHI said it remains committed to strengthening its retail business in the country.
RRHI President and Chief Executive Stanley Co said:
“While we embark on a new chapter, our commitment to being the retailer of choice in the Philippines is unchanged.”
The acquired shares are scheduled for cross-trading on the Philippine Stock Exchange on July 13, with settlement expected on July 15.
The company also disclosed that the Philippine Competition Commission determined the transaction does not require mandatory notification, allowing the process to proceed without additional regulatory approval.
RRHI, one of the flagship retail companies of the Gokongwei Group, will now submit the necessary documents to the Philippine Stock Exchange to complete its voluntary delisting.
The company’s move reflects a growing trend among Philippine-listed firms opting to go private after years of market valuations that many believe do not accurately reflect their financial performance and asset value.
Similar companies, including Asian Terminals Inc., 8990 Holdings, and Keppel Holdings Inc., have also pursued privatization by buying out minority shareholders.
By leaving the stock exchange, companies can reduce the costs and regulatory obligations associated with maintaining a public listing, including corporate governance requirements, disclosure rules, and audit compliance.