BIZ BUZZ: Bye, RRHI!

Robinsons Retail Holdings Inc. (RRHI) is officially saying goodbye to the Philippine Stock Exchange (PSE) after more than a decade on the local bourse.

The PSE has approved the Gokongwei-led retailer’s petition for voluntary delisting, with RRHI shares to be removed from the exchange’s official registry effective Aug. 31.

The approval marks the final step in RRHI’s months-long journey to go private, which began when its board approved the plan in March.

Following the tender offer, JE Holdings, together with the Gokongwei family and other related shareholders, was expected to control about 99.69 percent of RRHI, leaving its public float at just 0.31 percent.

RRHI earlier said its market price had not fully reflected the company’s intrinsic value, while prevailing market and macroeconomic conditions could prolong the gap.

With the PSE now giving its final nod, RRHI’s run as a publicly traded company is down to its last few trading days.