The Gokongwei family has tightened its grip on Robinsons Retail Holdings Inc. (RRHI), bringing its ownership of the listed retailer to nearly 100 percent as the company moves closer to leaving the local bourse.

In a disclosure on Monday, RRHI said JE Holdings Inc. completed the acquisition of shares tendered under its takeover offer through a block sale on the Philippine Stock Exchange.

The transaction covered shares equivalent to 21.54 percent of RRHI's outstanding capital stock, increasing JE Holdings' ownership to 67.65 percent.

Together with the holdings of Robina Y. Gokongwei-Pe, Lance Y. Gokongwei, James L. Go, Lisa Gokongwei-Cheng, Faith Gokongwei-Lim, Hope Gokongwei-Tang, Julia Isabelle Gokongwei Sy, Ella Akira Gokongwei Sy, Stanley C. Co, and Wilfred T. Co, the Gokongwei group now owns 99.69 percent of the company.

The deal leaves just 0.31 percent of RRHI's shares in public hands, well below the Philippine Stock Exchange's minimum public ownership requirement.

“Given the intention to voluntarily delist from the Exchange, the Company has no plans to restore its required public ownership percentage,” the company said. 

In the first quarter of the year, RRHI posted a 6.2 percent increase in core net earnings to P1.3 billion as net sales rose 10.3 percent to P52.8 billion, driven by higher same-store sales, store expansion, and the full-quarter contribution of Premiumbikes. 

However, reported net income attributable to the parent fell to P489 million due to higher interest expenses related to financing the DFI Group share buyback and acquisition of Bank of the Philippine Islands shares, as well as losses from equity investments. 

As of the end of March, the retailer operated 2,782 stores nationwide, excluding more than 2,100 franchised TGP outlets.