Robinsons Retail Holdings Inc. (RRHI) is on track to leave the Philippine Stock Exchange (PSE) after its majority shareholder secured enough shares through a tender offer to meet the ownership requirement for voluntary delisting.

The company said Tuesday that JE Holdings Inc., RRHI's largest shareholder, acquired 229.58 million common shares during the tender offer conducted from 25 May to 6 July, surpassing the 179.56 million shares needed to reach the 95 percent ownership threshold required for delisting.

The successful tender offer clears one of the final hurdles for RRHI's planned exit from the stock market.

The next step is to obtain approval from the PSE for the voluntary delisting of the company's common shares.

The transaction also received clearance from the Philippine Competition Commission, which confirmed that it is not subject to compulsory merger notification.

The tendered shares are expected to be crossed through the PSE on 13 July, with settlement scheduled on 15 July.

“We are grateful for the trust and support our shareholders have shown RRHI over the years, and for their engagement throughout this process,” RRHI President and Chief Executive Officer Stanley C. Co said.

“While we embark on a new chapter, our commitment to being the retailer of choice in the Philippines is unchanged. As we look ahead, we remain focused on strengthening our operations, pursuing long-term priorities, and driving sustainable growth,” he added.

RRHI Chairman Robina Gokongwei-Pe thanked shareholders for their support throughout the company's years as a publicly listed firm.

“On behalf of the Board and the RRHI management team, I thank our shareholders for their confidence and partnership throughout RRHI’s time as a publicly listed company,” she said.

Once completed, JE Holdings and the other proponents of the delisting will collectively own 1.06 billion RRHI common shares, equivalent to 99.69 percent of the company's issued and outstanding capital stock.

The company's public float will consequently shrink to just 0.31 percent.