Insider Spotlight
The clarification came after the Capital Markets Integrity Corporation (CMIC), the Philippine Stock Exchange’s (PSE) surveillance arm, asked the retailer to explain Wednesday’s 50 percent surge to the session's ceiling price of P66.75.
Buyout complete
The rally came after JE Holdings Inc. completed its P48.30 per share buyout offer to minority stockholders, raising its stake to 99.69 percent. This was more than enough to take Robinsons Retail private.
The stock also closed about 38 percent above the tender offer price.
Robinsons Retail said JE Holdings continued buying shares on July 8 even after securing a large enough stake to delist the company.
But those purchases were made only at prices not exceeding P48.30 per share, the company said in its clarification to CMIC.
Late burst
Nearly half of the day’s 295,500 shares changed hands at P48.30, where the stock traded for most of the session, broker data showed.
The move higher came in the final hour, with trades from around 2:44 p.m. pushing RRHI to P66.75, the highest price allowed for the day.
Only 10,800 shares, worth about P720,900, traded at P66.75, while the stock’s average traded price on July 8 was about P49 per share.
Mystery buyer
Most stocks heading for delisting become ghost towns on the exchange. RRHI appears to be defying the trend, with purchases at higher prices continuing on Thursday.
On July 9, early morning data showed 1,930 RRHI shares worth roughly P125,450 changing hands at P65 each.
JE Holdings has now accounted for its own purchases.
But the mystery remains: Who has been buying the stock at prices well above the tender offer as RRHI heads toward its PSE exit?
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
