Gokongwei’s RRHI to exit PSE

March 28, 2026 | 12:00am

MANILA, Philippines — Gokongwei-owned multi-format retailer Robinsons Retail Holdings Inc. (RRHI) will soon make its way out of the Philippine Stock Exchange (PSE) with a planned tender offer worth P18.4 billion from its largest shareholder JE Holdings Inc.

In a stock exchange filing, RRHI said that it was notified by JE Holdings, a private holding company owned by the Gokongwei family, of its intent to make a tender offer with a view to voluntarily delist the company from the PSE.

“RRHI has grown through the trust and partnership of our shareholders. This proposed transaction reflects that commitment while preparing the company for its next chapter,” RRHI chairman Robina Gokongwei-Pe said.

Its board of directors approved the delisting in a special board meeting yesterday.

“The proposed tender offer and voluntary delisting provide RRHI shareholders with a meaningful exit opportunity,” RRHI president and CEO Stanley Co said.

“While management remains confident in RRHI’s long-term prospects, the company’s share price has not fully reflected its intrinsic value. Given current market conditions and macroeconomic uncertainties, it may take time before valuations realign with fundamentals,” he said.

JE Holdings intends to launch a tender offer for all issued and outstanding RRHI shares that JE Holdings and the delisting proponents do not beneficially hold.

The tender offer is being undertaken to facilitate RRHI’s voluntary delisting, subject to compliance with all applicable regulatory requirements, including those of the Securities and Exchange Commission, the PSE and the Philippine Competition Commission.

At P48.30 per share, the tender offer price is a 23 percent premium from RRHI’s closing price of P39.25 on March 26. 

The tender offer price is supported by a fairness opinion rendered by an independent fairness opinion provider, FTI Consulting Philippines Inc.

Another requirement is the approval of RRHI’s stockholders owning at least two-thirds of the total outstanding and listed shares of the company, provided that the votes cast against the delisting shall not exceed 10 percent of such total outstanding and listed shares.

RRHI said additional details would be disclosed in accordance with regulatory timelines.

According to RRHI’s January public ownership report, JE Holdings held a 46.1 percent interest in the listed company.

RRHI’s public float level currently stands at 35.69 percent.

“RRHI’s exit will remove one of the major retail companies from the PSE and further reduce the total size of our stock market,” China Bank Capital Corp. managing director Juan Paolo Colet said.

“It appears that our local public equity market has not provided the company with enough reason to stay listed given the stock’s perennial undervaluation and low trading liquidity,” he said.

The potential exit of RRHI follows the voluntary delisting of port giant Asian Terminals Inc., which has secured PSE approval to delist on April 3 upon completion of its tender offer.