Robinsons Retail nears PSE exit after tender offer

Listed retailer Robinsons Retail Holdings, Inc. (RRHI) has cleared a key hurdle in its planned voluntary delisting from the Philippine Stock Exchange (PSE) after its controlling shareholder JE Holdings, Inc. received enough tendered shares to exceed the minimum ownership threshold required for delisting, according to a report by BusinessWorld.

In a disclosure on Tuesday, RRHI said JE Holdings accepted 229.58 million shares tendered by minority shareholders, pushing its ownership above the 95% threshold that allows the company to proceed with a compulsory acquisition of remaining shares. The tender offer, which expired on July 5, was part of the Gokongwei-led group's plan to take the retail chain private.

Once delisted, Robinsons Retail will join a growing list of Philippine companies opting to go private, citing reduced regulatory costs and greater operational flexibility. The company operates over 2,000 stores nationwide under brands including Robinsons Supermarket, Handyman, and True Value.