Philippines’ Robinsons Retail nears PSE exit after Gokongwei buyout

Tender offer clears the 95% delisting threshold.

Robinsons Retail Holdings, Inc. (RRHI) is set to proceed with its voluntary delisting from the Philippine Stock Exchange after its largest shareholder, JE Holdings, Inc., successfully completed its tender offer for the company’s shares.

JE Holdings reported that shareholders tendered 229.58 million RRHI common shares, exceeding the 179.56 million shares needed to meet the 95% ownership requirement for voluntary delisting.

The tendered shares are expected to be crossed on the PSE on 13 July, with settlement on 15 July.

Upon completion of the share transfer, JE Holdings and the other proponents of the delisting will collectively hold 1.06 billion common shares, equivalent to 99.69% of RRHI’s issued and outstanding capital stock. As a result, RRHI’s public float will decline to 0.31%.

RRHI said the next step is obtaining PSE approval for the voluntary delisting of its common shares.