Insider Spotlight
In a stock exchange filing on Friday, Philippine National Bank said PNB Holdings Corp. (PHC) has fixed the date for its listing by way of introduction, allowing existing shares to begin trading without raising fresh capital.
Reviving delayed plans
The planned listing was originally expected much earlier but LT Group Inc. deferred the transaction in June, saying rising oil prices, global uncertainty and weak market sentiment could prevent the company from maximizing shareholder value.
The Securities and Exchange Commission had earlier approved the registration of up to 46.93 billion common shares, paving the way for a listing with an implied market value of about P56 billion.
Property portfolio
PHC holds several flagship real estate assets, including the PNB Financial Center in Pasay, PNB Makati Center, and an 8,000-square-meter property at the corner of Gil Puyat Avenue and Paseo de Roxas in Makati.
LT Group retains an effective 56.5 percent indirect stake in PHC following Philippine National Bank’s 2021 property dividend distribution.
What PNB is saying?
“The planned listing represents a significant milestone for PHC and its shareholders, providing an orderly and regulated trading venue, transparent price discovery, and enhanced liquidity for PHC shares,” PNB said in the filing.
“The listing is likewise expected to support PHC's long-term strategic value creation objectives by broadening market participation, strengthening its public market presence, and providing shareholders with greater opportunities to realize value through an organized exchange platform,” he added.
Trading without an IPO
The listing will be conducted by way of introduction, allowing PHC shares to trade publicly without selling new shares or raising fresh capital.
PNB said PHC will continue coordinating with the Philippine Stock Exchange and regulators as it completes the remaining listing requirements ahead of the planned debut.
—Edited by Miguel R. Camus
