Robinsons Retail Holdings Inc. (RRHI), the multi-format retailer controlled by the Gokongwei family, is seeking to exit the Philippine Stock Exchange (PSE) by July 28, 2026, provided its controlling shareholders can consolidate enough shares to trigger a voluntary delisting.

The company has filed a formal petition for delisting with the local bourse, a move supported by a group of proponents including JE Holdings Inc., various members of the Gokongwei family, and top executives.

To comply with the PSE’s amended voluntary delisting rules, the group must raise its collective stake to at least 95 percent of the company’s outstanding shares.

JE Holdings, the primary bidder in the tender offer, currently holds 491.3 million shares, equivalent to a 46.1 percent stake. When combined with the holdings of Robina Gokongwei-Pe, Lance Gokongwei, and other family members and associates, the group controls 832.78 million shares, or 78.15 percent of the company.

To bridge the gap to the 95 percent threshold, JE Holdings is launching an ₱11.25 billion tender offer to acquire the remaining 232.84 million shares held by the public, representing roughly 21.85 percent of the firm.

The offer period is scheduled to run from May 25 to July 6, 2025. While the plan has already secured the necessary internal approvals from the board and stockholders, the transaction remains subject to clearance from the Philippine Competition Commission.

The move has drawn a polarized response from the brokerage community, with critics pointing to a significant gap between the offer price and the RRHI’s intrinsic value.

Abacus Securities Corp. has advised its clients to reject the ₱48.30 per share offer, noting it is 41 percent lower than the stock’s net asset value of ₱81.57 and represents a valuation of just 1.85 times projected 2026 earnings before interest, taxes, depreciation, and amortization.

The firm warned that while rejecting the offer carries the risk of holding illiquid, unlisted shares, institutional resistance could force the Gokongwei family to improve the terms. 


“There may be a good chance that the threshold for delisting won’t be met, which could result in enough pressure for JE Holdings to improve its offer significantly,” Abacus stated.

Other analysts suggested a more pragmatic approach. Unicapital Securities research analyst Jeri R. Alfonso noted that a recent ₱2 dividend declaration effectively boosts the total consideration to ₱50.3, narrowing the gap to her fair value estimate of ₱52.50.

She argued that the administrative and tax burdens of holding private shares might outweigh the benefits of holding out.

COL Financial Group Inc. also recommended that investors exit through the tender.

Despite the “steep discount” to its fair value estimate of ₱85.90, COL Financial senior research analyst Denise Joaquin said the offer provides a clear exit path and eliminates the risk of being trapped in an illiquid security once the company goes private.