Robinsons Retail nears PSE exit after tender offer

LISTED retailer Robinsons Retail Holdings, Inc. (RRHI) has cleared a key hurdle in its planned voluntary delisting from the Philippine Stock Exchange (PSE) after its controlling shareholder JE Holdings, Inc. received enough tendered shares to exceed the minimum ownership threshold required for delisting.

In a disclosure on Tuesday, RRHI said JE Holdings accepted 229.58 million common shares tendered by shareholders under its offer, worth about P11.09 billion and equivalent to 21.54% of the retailer’s issued and outstanding capital stock.

The accepted tendered shares exceeded the 179.56 million common shares, or 16.85% of RRHI’s outstanding capital stock, required to attain the 95% ownership threshold for voluntary delisting. The Philippine Competition Commission (PCC) has also confirmed that the transaction is not subject to compulsory notification.

The tendered shares are scheduled to be crossed through the facilities of the PSE on July 13, with settlement set for July 15.

Upon completion of the cross, JE Holdings, together with members of the Gokongwei family and the other delisting proponents, is expected to own about 1.06 billion RRHI common shares, representing 99.69% of the company’s issued and outstanding capital stock.

Consequently, RRHI’s public float is expected to decline to 0.31%, after which the company will seek the PSE’s approval for the voluntary delisting of its common shares.

Before the tender offer, the delisting proponents collectively owned 832.78 million common shares, representing about 78.15% of RRHI’s issued and outstanding 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,” RRHI Chairman Robina Gokongwei-Pe said in a statement.

JE Holdings offered to buy RRHI shares at P48.30 apiece, representing a 23.06% premium over the stock’s closing price on March 26 and a 32.23% premium over its one-year volume-weighted average price (VWAP).

The tender offer, which ran from May 25 to July 6, covered all issued and outstanding shares not beneficially owned by the Gokongwei group and the other delisting proponents as part of the retailer’s privatization plan.

RRHI President and Chief Executive Officer Stanley C. Co also thanked shareholders for their trust, support, and participation throughout the tender offer process.

“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,” he said.

Earlier this year, RRHI announced it would close its 11 No Brand standalone stores nationwide by the end of June 2026, citing shifting consumer preferences and efforts to align its store formats with customer demand.

For 2026, the company has earmarked P5 billion to P7 billion in capital expenditures, primarily for store expansion and renovations.

Shares in RRHI declined 2.84%, or P1.30, to P44.50 each on Tuesday.

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