The family-led JE Holdings Inc. accepted 229.58 million shares worth about P11.1 billion in the operator of Robinsons Supermarket, Southstar Drug and The Marketplace, raising the family’s stake to about 99.7 percent, a stock exchange filling on Tuesday showed.
The shares are scheduled to be transferred through the Philippine Stock Exchange (PSE) on July 13, after the Philippine Competition Commission confirmed the transaction does not require compulsory notification.
Once completed, Robinsons Retail’s public float will shrink to just 0.31 percent, paving the way for the company to delist after 12 years on the PSE.
Buyout secured
The purchases pushed the Gokongwei family’s ownership comfortably above the 95 percent threshold needed to complete the voluntary delisting.
Even so, the accepted shares were enough to secure nearly all of Robinsons Retail’s outstanding stock.
Price unchanged
The Gokongwei family kept its offer at P48.30 per share despite calls from some investors to improve the price.
Robinsons Retail said the offer reflected fair value, citing an independent valuation by FTI Consulting Philippines and noting it was broadly in line with its average share buyback price since 2020.
Shareholders of record before the delisting will also receive a P2-per-share cash dividend, marking the retailer’s final payout before it exits the Philippine Stock Exchange.
—Edited by Miguel R. Camus
