THE Philippine Stock Exchange (PSE) has approved the voluntary delisting of Robinsons Retail Holdings, Inc. (RRHI), with the retailer’s shares to be removed from the Exchange’s official registry effective Aug. 31.
In an advisory to market participants on Thursday, the PSE said it approved RRHI’s petition for voluntary delisting and ordered the delisting of the company’s shares effective Aug. 31.
RRHI’s board approved the voluntary delisting on March 27 after receiving a notice from JE Holdings, Inc., the retailer’s largest shareholder, of its intent to conduct a tender offer. Shareholders approved the delisting at the company’s annual meeting on May 12.
RRHI President and Chief Executive Officer Stanley C. Co earlier said the tender offer would provide shareholders with a meaningful exit opportunity, citing a gap between the company’s market price and its intrinsic value amid prevailing market conditions.
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