PNB Holdings Inc., the real estate unit of Philippine National Bank, said it has no set plan or timetable for a follow-on share sale, tempering market speculation that it could raise capital to fund large-scale redevelopment projects in the coming years.
In a filing with the Philippine Stock Exchange, the company said any capital-raising move would hinge on internal approvals, market conditions and regulatory clearances.
“No definitive decision has been made regarding any follow-on offering nor is there a definitive timetable or structure on the matter at this time,” PNB Holdings said.
The company said its ongoing registration and listing by way of introduction with regulators is not intended to raise funds, describing the exercise as a step to provide “an orderly trading venue and liquidity” for shares previously distributed as property dividends.
PNB Holdings is pursuing a long-term redevelopment strategy centered on three prime assets: the PNB Financial Center in Pasay, the PNB Makati Center on Ayala Avenue, and a commercial site at Buendia Avenue and Paseo de Roxas in Makati City.
It said the properties could support a redevelopment and sales pipeline extending at least 15 years, allowing for a “multi-phase approach to redevelopment and value realization.”
PNB Holdings said it has no plans to enter the mass residential market and will continue to focus on commercial, office, retail and ultra-luxury developments, while monitoring broader market conditions.
