PSE approves RRHI delisting
The Philippine Stock Exchange Inc. has given the green light to Robinsons Retail Holdings Inc. 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 Philippine Stock Exchange (PSE) has granted permission for Robinsons Retail Holdings Inc. (RRHI) to delist from the local stock exchange, signaling the conclusion of the Gokongwei-led retail giant's 13-year tenure as a listed company. The PSE confirmed it had approved RRHI's request for voluntary delisting, with the company's shares scheduled for removal from the exchange's official registry by August 31.
RRHI was officially withdrawn from three PSE indices — PSE Dividend Yield Index, PSE MidCap Index, and Services Index — as of July 16. Following JE Holdings Inc.'s acquisition of the majority of RRHI's shares, the company's public float dwindled to a mere 0.31 percent of its issued and outstanding capital stock. The PSE halted trading in RRHI shares after the share float dipped below the exchange's minimum public ownership threshold.
The tender offer, priced at P48.30 per share, aimed at the company's voluntary delisting from the exchange. RRHI chose to delist from the PSE due to a gap between market valuations and the company's intrinsic value. The retail chain initially listed its shares on the PSE on November 11, 2013, raising P28.12 billion during its initial public offering.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
