Philippine National Bank (PNB) said the planned listing of PNB Holdings Corp. (PHC) through an introduction on the Philippine Stock Exchange (PSE) remains on the table, with the property holding company continuing preparations for its market debut.
In a disclosure to the PSE, PNB said PHC views the proposed listing as an important step toward broadening its investor base, enhancing market access and creating long-term value for shareholders.
“PHC views the proposed listing as an important step toward broadening its investor base, enhancing market access, and creating long-term value for its shareholders,” the bank said.
PNB said PHC was undertaking the documentation and other preparatory work required for the listing.
“These efforts form part of the standard process to ensure readiness for a smooth, orderly, and successful market entry, with ongoing coordination with the PSE and other relevant regulators,” it said.
The bank said it remained confident in the strategic merits of the proposed listing, adding that the timing would depend on PHC’s assessment of market and other relevant factors.
“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 said, adding it would provide further updates as appropriate.
The disclosure follows comments made in May by LT Group Inc. President and Chief Operating Officer Lucio Tan III that the conglomerate could postpone PHC’s listing as it sought to protect the valuation of its 56.3-billion-peso property portfolio amid weak market conditions.
“The initial plan was to list very soon, but due to the conditions we are seeing in the market, we may potentially have to postpone it,” Tan said at the time. “At the end of the day, we want to make sure we maximize the value of this listing and fully capitalize on it.”
PHC was established to hold and manage PNB’s prime real estate assets, including the PNB Financial Center in Pasay and the PNB Makati Center. It was created as part of a 2021 corporate restructuring under which PNB declared a property dividend and distributed a 51% stake in PHC to its shareholders.
The Securities and Exchange Commission has approved the registration of 46.93 billion common shares at an indicative price of P1.20 each, implying a valuation of about P56.32 billion.
The listing is expected to finalize the distribution of the 51% stake in PHC to PNB shareholders and expand the company’s shareholder base to more than 30,000 investors.
