Robinsons Retail Holdings, Inc. (RRHI) on Friday said its board approved the voluntary delisting of its shares from the Philippine Stock Exchange (PSE), following a notice of intent from controlling shareholder JE Holdings, Inc. to conduct a young offer.
In a disclosure, the Gokongwei-led retailer said JE Holdings plans to launch a young offer for all issued and outstanding shares not beneficially owned by the group and other delisting proponents, as a part of the method to take the corporate private.
The proposed transaction is subject to compliance with regulatory requirements, including approvals from the Securities and Exchange Commission, the PSE, and the Philippine Competition Commission.
“The proposed tender offer and voluntary delisting provide RRHI shareholders with a meaningful exit opportunity,” RRHI President and Chief Executive Officer Stanley C. Co said, citing a spot between the corporate’s market price and its intrinsic value amid prevailing market conditions.
Chairman Robina Gokongwei-Pe said the move reflects the corporate’s commitment to shareholders while preparing for its next phase.
JE Holdings set the tender offer price at P48.30 per share, representing a 32.23% premium over RRHI’s one-year volume-weighted average price (VWAP) of P36.5285 as of March 26, supported by an independent valuation and fairness opinion.
RRHI said shareholders will vote on the proposed delisting at its annual stockholders’ meeting on May 12, according to regulatory requirements.
Under existing rules, voluntary delisting requires a young offer to public shareholders at a good price and approval by a minimum of two-thirds of outstanding capital stock, including a majority of minority shareholders.
RRHI earlier said it’ll close 11 No Brand standalone stores nationwide by end-June, noting the move is just not expected to have a fabric impact on its financial performance because the segment accounts for about 0.2% of annual net sales.
The corporate has earmarked P5 billion to P7 billion in capital expenditures for 2026, mainly for store expansion and renovations. — ALB