The suspension came after the completion of the Gokongwei family’s tender offer reduced the company’s public ownership to just 0.31 percent, well below the exchange’s 10 percent minimum required for listed companies.
The tender offer allowed minority shareholders to sell their shares before the company leaves the exchange, increasing the Gokongwei family’s combined stake to 99.69 percent.
Under PSE rules, companies that fall below the minimum public ownership requirement are suspended from trading and can be delisted if they do not restore the required public float within six months.
Robinsons Retail has said it has no plans to restore its public ownership because it is pursuing a voluntary delisting, which is expected by July 28 this year.
Trading was halted at 9:13 a.m. after the block sale linked to the tender offer was completed, a stock exchange notice showed on Monday.
The suspension follows several days of unusual trading that saw RRHI jump to its daily limit, before falling again, despite the company already having secured enough shares to proceed with its delisting.
—Edited by Miguel R. Camus
