RRHI stockholders approve PSE delisting

MANILA, Philippines — Stockholders of Robinsons Retail Holdings Inc. (RRHI) have given the green light to the company’s planned voluntary delisting from the Philippine Stock Exchange.

RRHI said its proposed delisting was approved by 82.82 percent of the total outstanding shares of the company, with only 1.97 percent voting against the proposal, during its annual stockholders’ meeting yesterday.

Approval from the company’s stockholders was sought in compliance with the PSE’s voluntary delisting rules.

RRHI said the affirmative vote of stockholders owning or representing at least two-thirds of its total outstanding and listed shares, with no more than 10 percent voting against, was required to approve the plan.

However, the company said that stockholders’ approval was sought only for the company’s voluntary delisting from the PSE, not for the tender of their shares.

It said the terms and mechanics of the tender offer will be outlined in a tender offer report to be disseminated to shareholders in due course.

“The decision by the stockholders to vote in favor of the voluntary delisting from the PSE is separate from the decision of the stockholders to tender their shares to the bidders during the tender offer,” RRHI said.

RRHI was earlier notified by JE Holdings, a private company owned by the Gokongwei family, of its intent to make a tender offer to voluntarily delist the company from the PSE.

The tender offer will be made to shareholders of record for all issued and outstanding common shares of the company that are not beneficially owned by the proponents for the delisting.

It allows existing shareholders to sell their RRHI shares at a 32.23 percent premium to the company’s one-year volume-weighted average price as of March 26. 2026.

JE Holdings’ board of directors approved its conduct of the tender offer at an offer price of P48.30 per share, which is supported by a fairness opinion rendered by an independent fairness opinion provider, FTI Consulting Philippines Inc.

The voluntary delisting was unanimously approved by RRHI’s board on March 27, 2026, subject to the successful completion of the intended tender offer by JE Holdings of at least 95 percent of the total issued and outstanding shares of the company, as well as receipt of the Philippine Competition Commission’s approval and compliance with other regulatory requirements.

RRHI, which listed its shares at the PSE on Nov. 11, 2013, raised P28.12 billion from the sale of primary and over-allotment shares during its initial public offering.