Robinsons Retail to delist from PSE after Gokongwei buyout

Robinsons Retail Holdings Inc. (RRHI) is set to delist from the Philippine Stock Exchange (PSE) after the Gokongwei family, through JE Holdings Inc., increased its stake in the company by acquiring nearly all of its remaining publicly held shares.

In a regulatory filing, RRHI said JE Holdings acquired 229,579,555 common shares, raising its total ownership to 1,062,359,590 common shares, or 99.69% of the company's issued and outstanding capital stock. This reduced the public float to 0.31%, well below the PSE's minimum public ownership requirement.

"The next step in the process is to obtain the approval of the PSE for the voluntary delisting of the Company's shares," the filing said.

RRHI operates across six retail segments: supermarkets, department stores, DIY stores, convenience stores, drugstores, and specialty stores.

Its portfolio includes the brands Handyman Do it Best, True Value, Toys "R" Us, Uncle John's, Daiso Japan, Pet Lovers Centre, and local brands Savers Appliances, Southstar Drug, The Generics Pharmacy, and Super50.

"We embark on a new chapter with our commitment to being the retailer of choice in the Philippines unchanged," RRHI president and chief executive officer Stanley Co said.

"As we look ahead, we remain focused on strengthening our operations, pursuing long-term priorities, and driving sustainable growth," he added.

RRHI will become the second listed retailer to announce plans to leave the local bourse in recent weeks. Last month, supermarket operator MerryMart Consumer Corp. said it would delist from the PSE and become a direct subsidiary of DoubleDragon Corp. as part of efforts to optimize synergies within the Jollibee Group.— MCG, GMA News