PNB Holdings Corp. (PHC), the property vehicle of the Lucio Tan group, is set to make its Philippine Stock Exchange (PSE) debut on Sept. 25 after years of restructuring and regulatory work.
Philippine National Bank (PNB) said in a disclosure that PHC will debut through a listing by way of introduction. The shares were earlier cleared for an initial listing price of P1.20 each, giving PHC an implied valuation of about P56.32 billion.
“The planned listing marks a significant milestone for PHC and its shareholders,” PNB said.
The bank said the listing would give PHC shareholders access to a regulated market, improve price discovery and provide greater liquidity for their holdings.
“PHC believes that its listing on the PSE will further support its long-term strategic objectives by broadening market participation, strengthening its public market presence and creating greater opportunities for shareholders to realize value through an established exchange platform,” PNB said.
PHC holds several prime properties previously carried on PNB’s balance sheet, including the PNB Financial Center in Pasay City and properties in Makati.
PNB began transferring real estate assets to the holding company in 2020 as part of efforts to unlock value from low-earning assets.
The bank later declared 51% of its PHC stake as property dividends to shareholders in 2021, although the distribution took several years to complete due to tax and regulatory requirements.
PHC filed its listing application in December 2025. The Securities and Exchange Commission approved its registration statement covering 46.93 billion common shares in March, subject to remaining requirements.
The company had earlier delayed setting a listing date amid volatile market conditions before confirming its Sept. 25 debut.
