Robinsons Retail Continues Operations as Private Entity, Retains Listed Company Discipline

Robinsons Retail Holdings Inc. (RRHI), a prominent retail conglomerate in the Philippines, has officially concluded its nearly 13-year tenure on the Philippine Stock Exchange (PSE), transitioning to a private company. Despite the change in its corporate status, the company's executives have emphasized their commitment to maintaining the operational discipline and standards that characterized their time as a publicly listed entity. Robina Gokongwei-Pe, RRHI's chairman, expressed that while she will miss the visibility of seeing their stock ticker on the exchange, she looks forward to a less scrutinized environment. In jest, she remarked on not having to explain her business decisions to young analysts. However, she underscored that RRHI would continue to operate with the same rigor as if it were still listed. "Now that we’ve privatized, whether it’s listed or private, we still run it like it’s listed," she stated. Stanley Co, RRHI's president and CEO, echoed this sentiment, noting that the primary difference would be a reduction in time spent on investor relations. "That’s the only difference," he told The STAR. "But you know what, it’s the same. We’re running it the same way. It’s not because we’re already private that we’ll forget about discipline." RRHI initially listed its shares on the PSE on November 11, 2013, raising P28.12 billion through its initial public offering. The company's shares were officially delisted from the PSE's registry effective August 31, following a successful tender offer by JE Holdings Inc. that led to RRHI's voluntary delisting. The public float had fallen below the PSE's minimum public ownership requirement. Despite the delisting, business operations for RRHI, which boasts a diverse portfolio including brands like Uncle John’s, Shopwise, The Marketplace, Handyman, True Value, Daiso Japan, TGP, Southstar Drug, Rose Pharmacy, Toys ”R” Us, Robinsons Supermarket, Easymart, and Department Store, remain as usual. Gokongwei-Pe confirmed that the company will retain its independent directors to ensure continued oversight and accountability. "We are still keeping our independent directors so that they keep us on our toes," she said. Looking ahead, Gokongwei-Pe indicated that RRHI would continue its focus on store expansion and enhancing the customer experience. Regarding potential acquisitions, she stated, "Are we still in acquisition mode? If there’s an opportunity. If there is nothing, then none." As of the end of March, RRHI operated 2,782 stores, comprising 805 food stores, 1,187 drugstores, 51 department stores, 234 DIY stores, and 505 specialty stores, in addition to over 2,100 franchised TGP stores.