MANILA, Philippines — Lucio Tan-led Philippine National Bank (PNB) is keeping its support behind the planned listing of PNB Holdings Corp. (PHC), a move that would bring to the stock market a real estate company with more than P50 billion in assets and prime properties in Makati and Pasay.
In a disclosure to the local bourse, PNB said PHC is advancing preparations for its proposed listing by way of introduction on the Philippine Stock Exchange.
“PHC continues to move forward with its listing plan and make its shares available to the investing public,” PNB said.
The lender said PHC sees the planned listing “as an important step toward broadening its investor base, enhancing market access and creating long-term value for its shareholders.”
A listing by way of introduction allows a company to list existing shares without a public offering before the initial listing, usually because the shares are already considered widely held. The PSE said this route applies when securities are already issued or will be issued upon listing, with no public offering undertaken before the initial listing.
The company’s listing is tied to PNB’s 2021 property dividend declaration, when the bank approved the distribution of 51 percent of its PHC shares to PNB shareholders.
PHC’s assets include the PNB Financial Center in Pasay, the PNB Makati Center in the Makati central business district and an 8,000-square-meter Buendia property at the corner of Gil Puyat Avenue and Paseo de Roxas. These three properties have an estimated combined market value of P80.9 billion.
“PNB remains confident in the strategic merits of PHC’s proposed listing,” the bank said.
“The final timing of the listing will be guided by PHC’s assessment of multiple relevant factors, with the objective of achieving an optimal outcome for its shareholders,” PNB added.