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July 14, 2024

PNB plans to sell 14% stake in holding company via private placement

Philippine National Bank (PNB) has disclosed its intention to sell a 14 percent stake in its holding company, PNB Holdings Corp., through a private placement, as approved by the bank’s board of directors.

The holding company, which comprises prime real estate properties, was formed through a property-for-share swap, resulting in a gain of P33.2 billion and significantly boosting PNB’s net income.

PNB aims to maximize the value of its real estate assets and capitalize on future development opportunities while generating stable recurring cash inflows.

The bank also plans to transform PNB Holdings into a preferred high-end luxury and sustainable developer, redefining innovation in the industry and shaping the Manila skyline.

Previously, there were considerations of listing the holding company through an introduction at the Philippine Stock Exchange.