Philippine National Bank (PNB) headed by bankero Wick Veloso has given the LT Group Inc. anew to vote all shares registered in the same of the bank to vote on all matters to be taken up during the forthcoming annual stockholders’ meeting of PNB Holdings Corp.
The move is to align with PNB’s intention to engage competent and expert property managers for PNB Holdings, which will further enhance shareholder value.
In 2021, PNB has undertaken a series of transactions to monetize its low-earning assets. The Securities and Exchange Commission (SEC) approved the increase in the authorized capital stock of PNB Holdings to P50.5 billion from P500 million.
PNB proceeded with the subscription of additional 466.77 million shares of PNB Holdings shares in exchange for certain real estate properties with fair values of P46.7 billion.
Prime properties transferred to PNB Holdings include the 10-hectare PNB Financial Center along Macapagal Boulevard in Pasay City, the PNB Makati Center in the Ayala central business district as well as the foreclosed eight-hectare property at the corner of Buendia Avenue and Paseo De Roxas in Makati City.
In April last year, the Board of Directors of PNB approved the property
dividend declaration of up to 239.35 million of PNB Holdings with a par value of P100 per share, to all stockholders of record as of May 18, 2021.
With the property dividends, PNB’s ownership in PNB Holdings was reduced to 49 percent.