Robinsons Retail Holdings Inc.’s stockholders approved the company’s plan to voluntarily delist from the Philippine Stock Exchange on Tuesday, clearing the way for major shareholders to launch a tender offer at P48.30 per share.
Investors representing 82.82 percent of total outstanding shares voted in favor of the proposal during the annual stockholders’ meeting.
The result exceeded the two-thirds approval threshold required under exchange rules. Only 1.97 percent of shareholders voted against the delisting, while less than 0.01 percent abstained and 15.21 percent did not cast votes.
The delisting depends on JE Holdings Inc. and other proponents successfully acquiring at least 95 percent of the company’s total issued and outstanding shares through the tender offer. The transaction also requires clearance from the Philippine Competition Commission and must meet the compliance standards of both the exchange and the Securities and Exchange Commission.
Robinsons Retail president and chief executive Stanley Co said the company is pursuing the move because its market valuation failed to reflect its intrinsic value.
“We also acknowledge that despite sound fundamentals and long-term prospects, our stock price has remained undervalued, influenced by current market and macroeconomic conditions,” Co said.
Co said the tender offer gives shareholders a “meaningful exit opportunity” at a 32.23 percent premium to the stock’s one-year volume weighted average price as of March 26, 2026.
If the proponents reach the 95 percent ownership threshold, shareholders who decline the offer will remain invested in a private company that can no longer be traded on the public exchange. If the proponents fail to reach that target, JE Holdings will withdraw the offer and Robinsons Retail shares will remain listed.
“There is no guarantee that the P48.30 tender offer price or any similar price will be offered in the future,” Co said.
