Robinsons Retail Holdings Inc., the Gokongwei family-backed supermarket and specialty retail group, is preparing to exit the stock market after 12 years on the Philippine Stock Exchange (PSE).
The company said on Friday its major shareholder JE Holdings, a private firm owned by the Gokongweis, is offering to buy out minority stockholders at P48.30 per share, valuing the deal at about P18.4 billion.
The company’s shares, which have been suspended by the PSE to allow investors to review the transaction, last closed at P38.95, pricing the tender offer at a roughly 24 percent premium.
But the offer also sits below RRHI’s P58 per share IPO price when it listed on November 11, 2013, which is not unusual as broader market valuations across the PSE have been weighed down by global uncertainty and softer investor sentiment.
RRHI said stock trading is expected to resume on March 30 this year.
Big picture
The tender offer gives shareholders a clear exit at a higher price than current market levels.
RRHI’s exit underscores how valuations have shifted, with the exit reflecting weaker valuations at the PSE that have pushed some firms to consider delisting.
Firms that have taken this route over the past year include tycoon Eusebio Tanco’s Asian Terminals, mass housing developer 8990 Holdings, and SFA Semicon.
The PSE saw two IPOs in 2025—Top Line Business Development Corp. and Maynilad Water Services—while no firms have listed so far in 2026 as volatility surged amid the US-Iran conflict.
Deal expert cites undervaluation, weak volume
“RRHI's exit will remove one of the major retail companies from the PSE and further reduce the total size of our stock market,” said Juan Paolo Colet, managing director at China Bank Capital.
“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,” it added.
RRHI consolidation moves
This deal also comes less than a year after RRHI bought back a 22.2 percent stake from DFI Retail in May last year for P15.77 billion, priced at P50 per share.
The current P48.30 tender offer is lower, reflecting current weak market conditions.
“The fact that the tender offer price of P48.30 is below the P50 buyback price for DFI Retail Group last year may invite some questions, but the latest valuation may have been affected by a change in circumstances and outlook,” Colet explained.
Philippine retail giant
RRHI operates one of the country’s largest multi-format retail networks, spanning supermarkets, department stores, DIY, convenience, drugstores, and specialty outlets under the Robinsons brand and partners like Toys “R” Us, True Value, and South Star Drug.
By year-end, RRHI had built a footprint of 2,763 stores and over 2,100 franchised outlets, reinforcing its position as a scaled, nationwide retail platform.
It also owns a minority stake in Bank of the Philippine Islands after the merger with Robinsons Bank.
In 2025, the group generated P210.4 billion in net sales, up 5.7 percent, as all business segments posted growth supported by steady same-store sales and store expansion.
Core net income rose 6 percent to P6.7 billion, reflecting stronger operations, although reported net income fell due to the absence of one-off gains booked in 2024.
The PSE has several other retail firms in its roster.
These include Lucio Co’s Puregold Price Club, Jose Paterno-led Philippine Seven Corp., Manuel Villar Jr.’s AllDay Marts, and Gaisano-backed Metro Retail Stores Group, spanning supermarkets, convenience, and regional formats.
In home improvement, listed players include William Belo’s Wilcon Depot and Villar’s AllHome Corp.
Notably, the country’s largest retail empire remains privately held under the Sy family through listed conglomerate, SM Investments Corp..
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
