RRHI board OKs voluntary delisting plan

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 tender offer.

In a disclosure, the Gokongwei-led retailer said JE Holdings plans to launch a tender offer for all issued and outstanding shares not beneficially owned by the group and other delisting proponents, as part of the process to take the company 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 gap between the company’s market price and its intrinsic value amid prevailing market conditions.

Chairman Robina Gokongwei-Pe said the move reflects the company’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, in line with regulatory requirements.

Under existing rules, voluntary delisting requires a tender offer to public shareholders at a fair price and approval by at least two-thirds of outstanding capital stock, including a majority of minority shareholders.

RRHI earlier said it will close 11 No Brand standalone stores nationwide by end-June, noting the move is not expected to have a material impact on its financial performance as the segment accounts for about 0.2% of annual net sales.

The company has earmarked P5 billion to P7 billion in capital expenditures for 2026, mainly for store expansion and renovations. — ALB