Robinsons Retail targets July 28 for voluntary PSE delisting

Robinsons Retail Holdings, Inc. (RRHI) has filed a petition with the Philippine Stock Exchange (PSE) for a voluntary delisting of its common shares, targeting an effective date of July 28.

As part of the delisting process, the company is launching an P11.25-billion tender offer through JE Holdings, Inc. to acquire more than 232.84 million common shares, excluding those beneficially held by the proponents, at P48.30 apiece.

As of the filing date of the petition, the proponents collectively held 832.78 million common shares, representing about 78.15% of the company’s total issued and outstanding common shares, the company said in a disclosure on Friday.

The tender offer price represents a 23.06% premium over the last closing price of the common shares on March 26, and a 32.23% premium over the stock’s one-year volume-weighted average price (VWAP).

The tender offer period will run from May 25 to July 6.

RRHI said shareholders representing at least two-thirds of its total outstanding and listed shares approved the voluntary delisting during the annual stockholders’ meeting held on May 12.

“The number of votes cast against the Voluntary Delisting did not exceed ten percent (10%) of the total outstanding and listed shares of the Company,” it added. — Alexandria Grace C. Magno