“The initial plan was to list very very soon but due to the issues we see in the market we may potentially have to push it back,” said LT Group president and chief operating officer Lucio Tan III during a media briefing on Wednesday.
“At the end of the day we want to make sure that we maximize the value of this overall listing and we want to do it in a way where we’re able to fully capitalize,” he added during the discussion, which was held after the P160 billion conglomerate's stockholders' meeting.
P56-B valuation
PNB Holdings previously secured regulatory approval for a listing by introduction valuing the company at P56.32 billion, with shares priced at P1.20 each.
The property firm owns several marquee assets linked to Philippine National Bank, including the PNB Financial Center in Pasay, the PNB Makati Center and an 8,000-square-meter property along Gil Puyat Avenue corner Paseo de Roxas in Makati.
Waiting for calmer markets
The firm said it will revisit the listing timetable once market conditions improve.
“It wouldn’t be fair and proper to launch your shares during a time when the market really doesn’t know which way to go,” said LT Group chief financial officer Jose Gabriel Olives.
The PSE Index has lost about 2 percent of its value since the start of the year and nearly 7 percent the past 12 months.
LT Group still holds an effective 56.5 percent indirect stake in PNB Holdings after PNB’s 2021 property dividend distribution of PHC shares to shareholders.
The planned listing will be done by way of introduction, allowing existing shares to trade publicly without raising fresh capital through an initial public offering.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
