RRHI PSE exit looms as board backs delisting plan
Robinsons Retail Holdings, Inc. (RRHI) is moving toward an exit from the Philippine Stock Exchange (PSE) after its board approved a voluntary delisting. This was anchored on a P18.37-billion tender offer by its controlling shareholder.
In a disclosure on Friday, the Gokongwei-led retailer said the move followed a notice of intent from JE Holdings, Inc. to acquire all shares not held by the group and other delisting proponents.
The latter is the group’s primary investment vehicle and largest shareholder with a 46.1-percent stake in RRHI.
JE Holdings has set the tender offer price at P48.30 per share, backed by an independent valuation and fairness opinion from FTI Consulting Philippines, Inc.
The offer represents a 32.23-percent premium over RRHI’s one-year volume-weighted average price of P36.5285 as of March 26, 2026. This makes it an attractive exit option for minority investors.
Once launched, the tender offer will cover all issued and outstanding shares outside the controlling bloc. It is meant to facilitate the company’s voluntary delisting.
The offer will also be subject to regulatory approvals from the Securities and Exchange Commission, the PSE and the Philippine Competition Commission.
RRHI president and CEO Stanley Co said the transaction would give shareholders a “meaningful exit opportunity.” He noted that the company’s market price has lagged behind its intrinsic value.
Co added that despite the management’s confidence in the business, current market conditions and macroeconomic uncertainties may delay a rerating of the stock.
Company chair Robina Gokongwei-Pe said the move reflects the company’s commitment to its shareholders while positioning RRHI for its “next chapter.”
Shareholders will vote on the proposed delisting during RRHI’s annual meeting scheduled on May 12, in line with regulatory requirements.
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