Robinsons Retail Holdings, Inc. (RRHI) has filed a petition with the Philippine Stock Exchange (PSE) for a voluntary delisting of its common shares, targeting an efficient date of July 28.
As a part of the delisting process, the corporate is launching an P11.25-billion tender offer through JE Holdings, Inc. to amass greater than 232.84 million common shares, excluding those beneficially held by the proponents, at P48.30 apiece.
As of the filing date of the petition, the proponents collectively held 832.78 million common shares, representing about 78.15% of the corporate’s total issued and outstanding common shares, the corporate said in a disclosure on Friday.
The tender offer price represents a 23.06% premium over the past closing price of the common shares on March 26, and a 32.23% premium over the stock’s one-year volume-weighted average price (VWAP).
The tender offer period will run from May 25 to July 6.
RRHI said shareholders representing a minimum of two-thirds of its total outstanding and listed shares approved the voluntary delisting throughout the annual stockholders’ meeting held on May 12.
“The variety of votes forged against the Voluntary Delisting didn’t exceed ten percent (10%) of the entire outstanding and listed shares of the Company,” it added. — Alexandria Grace C. Magno