PSE approves RRHI delisting

MANILA, Philippines — The Philippine Stock Exchange Inc. (PSE) has given the green light to Robinsons Retail Holdings Inc. (RRHI)’s exit from the local bourse, marking the end of the Gokongwei-owned multi-format retailer’s nearly 13-year run as a listed company.

The PSE said it approved RRHI’s petition for voluntary delisting.

It has ordered the delisting of the company’s shares from the official registry of the exchange effective Aug. 31.

RRHI was removed as a constituent of three PSE indexes — PSE Dividend Yield Index, PSE MidCap Index and Services Index — effective July 16.

JE Holdings Inc.’s acquisition of common shares tendered pursuant to the tender offer conducted from May 25 to July 6, representing 21.54 percent of RRHI’s outstanding capital stock, has been effected through a block sale within the facilities of the PSE on July 13.

The acquisition resulted in RRHI’s public float decreasing to 0.31 percent of the company’s issued and outstanding capital stock.

The PSE suspended trading in RRHI shares after the crossing of shares, as the company’s public float fell below the exchange’s minimum public ownership requirement.

The tender offer, priced at P48.30 per share, was undertaken to voluntarily delist RRHI from the exchange.

RRHI voluntarily delisted from the PSE because market valuations no longer reflected the company’s intrinsic value.

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