RRHI moves closer to PSE exit after P11 billion tender offer

MANILA, Philippines — The Gokongwei family’s JE Holdings Inc. has wrapped up a successful P11.1-billion tender offer of shares of Robinsons Retail Holdings Inc. (RRHI), a significant step for the company’s planned voluntary delisting from the Philippine Stock Exchange (PSE) this month.

The total number of RRHI shares tendered by shareholders and accepted by JE Holdings based on the tender offer conducted from May 25 to July 6 reached 229.5 million common shares, representing 21.54 percent of the firm’s issued and outstanding capital stock.

This exceeds the 179.56 million common shares required to meet the 95 percent minimum threshold for voluntary delisting.

Given the successful results of the tender offer and the Philippine Competition Commission’s confirmation that the transaction is not subject to compulsory notification, RRHI said the tendered shares are expected to be crossed on the PSE’s facilities on July 13, with settlement on July 15.

Robina Gokongwei-Pe

“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.

The tender offer priced at P48.30 per share was undertaken to voluntarily delist RRHI from the exchange.

The company had earlier requested that its voluntary delisting from the PSE be effected by July 28.

RRHI president and CEO Stanley Co earlier said the voluntary delisting from the PSE was due to market valuations no longer reflecting the company’s intrinsic value.

“We also acknowledge that, despite sound fundamentals and long-term prospects, our stock price has remained undervalued, influenced by current market and macroeconomic conditions,” he said.

As of end-March, RRHI has a total of 2,782 stores, comprising 805 food stores, 1,187 drugstores, 51 department stores, 234 DIY stores and 505 specialty stores. It also has over 2,100 TGP franchised stores.