Robinsons Retail joins PSE index
ROBINSONS RETAIL Holdings, Inc. (RRHI) will be added to the Philippine Stock Exchange index (PSEi) starting Thursday (Sept. 28), replacing Energy Development Corp. (EDC).
This after the Lopez- led company’s free float level dipped below the 12% minimum required to remain on the main index.
“RRHI, which was listed in November 2013, is the fifth stock from the Services sector that is part of the PSEi,” the stock exchange operator said in a statement.
RRHI operates Robinsons Supermarket, Robinsons Department Store, convenience store chain Ministop, drugstore chain South Star Drug, Toys “R” Us and Daiso Japan, among others. It added 91 stores to end June with a count of 1,619.
The Gokongwei-owned retailer grew its attributable profit by 12.8% to P2.282 billion, against the P2.023 billion in the same period in 2016. Consolidated net sales further increased by 10.7% to P53.486 billion during the January to June period.
EDC’s public float dropped after Philippines Renewable Energy Holdings Corp. (PREHC) made a tender offer to EDC shareholders. However, it still falls above the 10% minimum public ownership (MPO) requirement of the local bourse.
PREHC and EDC’s parent First Gen Corp. earlier said they have a “firm intention” to eventually delist EDC from the PSE, citing a plan to reinvest a greater proportion of earnings in the business and increase leverage to optimize capital structure and fund future growth.