The transacted value is 14% above DFI’s carrying value of US$247.7 million as of end-Dec 2024, implying a potential one-off gain of US$35 million. However, the company is expected to book a foreign exchange loss as a result of PHP depreciation against USD since the time of RRH share purchase.
DBS Research Group is keeping its “buy” call and US$3.00 target price on DFI Retail Group Holdings, following news that the group’s move to divest its 22.2% stake in Robinsons Retail Holdings (RRH) of 315.31 million common shares.
The transaction totalled PHP15.8 billion ($365 million), as part of its share buyback programme. The price represents a 36% premium over the last closing price of PHP36.70 and was mutually agreed upon by both parties, reflecting prevailing market conditions and strategic considerations. The deal was funded through a mix of internal resources and external borrowings.
