THE Philippine Stock Exchange (PSE) has approved the voluntary delisting of Robinsons Retail Holdings, Inc. (RRHI), with the retailer’s shares to be removed from the Exchange’s official registry effective Aug. 31.
In an advisory to market participants on Thursday, the PSE said it approved RRHI’s petition for voluntary delisting and ordered the delisting of the company’s shares effective Aug. 31.
RRHI’s board approved the voluntary delisting on March 27 after receiving a notice from JE Holdings, Inc., the retailer’s largest shareholder, of its intent to conduct a tender offer. Shareholders approved the delisting at the company’s annual meeting on May 12.
RRHI President and Chief Executive Officer Stanley C. Co earlier said the tender offer would provide shareholders with a meaningful exit opportunity, citing a gap between the company’s market price and its intrinsic value amid prevailing market conditions.
Trading in RRHI shares was suspended on July 13 after the company’s public float fell below the PSE’s minimum public ownership requirement following the completion of the tender offer.
RRHI said in July that it did not intend to restore its public ownership level as it planned to proceed with the voluntary delisting.
A total of 229.58 million common shares, equivalent to about 21.54% of RRHI’s issued and outstanding capital stock, were tendered and accepted by JE Holdings. The shares were crossed through the PSE on July 13 and settled on July 15 for a total consideration of P11.09 billion.
The transaction raised JE Holdings’ stake in RRHI to 67.65%. Combined with the holdings of the Gokongwei family and other identified shareholders, the group’s ownership rose to 99.69% of RRHI’s issued and outstanding capital stock, leaving a public float of 0.31%.
The accepted tendered shares exceeded the 179.56 million common shares, or 16.85% of outstanding capital stock, required to reach the 95% ownership threshold for voluntary delisting.
RRHI had initially targeted July 28 for the effective date of its voluntary delisting, subject to PSE approval.
The retailer has been listed on the PSE since Nov. 11, 2013, when it offered 484.75 million common shares to the public at P58 apiece.
RRHI booked P53.99 billion in second-quarter sales, up from P50.66 billion a year earlier, while attributable net income slipped to P1.45 billion from P1.49 billion.
For the first half, sales rose to P106.75 billion from P98.48 billion, while attributable net income declined to P1.94 billion from P2.25 billion.
RRHI operates across food, drugstore, department store, do-it-yourself, specialty retail and business-to-business segments. Its specialty businesses include electronics and appliances, toys, pet retail, beauty products, lifestyle sneakers and motorcycles. — Alexandria Grace C. Magno
