The Philippine Stock Exchange said Tuesday Robinsons Retail Holdings Inc. will replace Energy Development Corp. in the 30-company Philippine Stock Exchange index starting Sept. 28.
PSE said in a statement EDC would be removed from PSEi after the power company’s public ownership fell below the 12-percent minimum requirement to qualify as a main index constituent.
The public ownership of EDC dropped below 12 percent after major shareholder Philippines Renewable Energy Holdings Corp. conducted a tender offer to acquire 6.6 billion to 8.9 billion common shares at P7.25 apiece from the public. This represented 31.7 percent of the total outstanding voting shares of EDC.
PREHC is consortium of investment fund managers managed by Macquarie Infrastructure and Real Assets and Arran Investment Pte. Ltd. of Singapore-based GIC.
EDC is the country’s largest operator of geothermal power plants. RRHI is a retail holding company of the Gokongwei group, which was listed in the PSE in November 2013.
RRHI will be the fourth Gokongwei-owned company to be a part the benchmark index, after parent company JG Summit Holdings Inc., food manufacturer Universal Robina Corp. and developer Robinsons Land Corp.
RRHI reported a 12.8-percent growth in net income in the first half to P2.28 billion from a year ago. Core net earnings, excluding interest, equitized net earnings from the 40-percent stake in Robinsons Bank and unrealized foreign exchange effects, grew 14.1 percent to P1.99 billion from P1.75 billion in the same period last year.
First-half consolidated net sales reached P53.5 billion, up 10.7 percent from P48.33 billion a year ago, brought about by the stable same-store sales growth and the sales contribution ofnew stores.
RRHI has six business segments, including supermarkets, department stores, do-it-yourself stores, convenience stores, drug stores and specialty stores.
Share price of EDC plunged 20 percent to P4.80 while RRHI rose 5 percent to P100 Tuesday.