Tycoon Lucio Tan-led Philippine National Bank (PNB) plans to list on the Philippine Stock Exchange (PSE) by way of introduction its spinoff company holding valuable real estate assets that the bank intends to monetize.
This listing of PNB Holdings Corp. (PHC) by way of introduction, or without any immediate initial public offering of shares, was announced by PNB president Wick Veloso to the bank’s stockholders in an annual meeting on Tuesday.
“We are already doing preparatory work for the listing … The listing is a priority of PNB,” Veloso explained in a text message.
The distribution of stocks of an unlisted issuer by way of property dividend by a publicly listed issuer to its shareholders is among the transactions that qualify for listing by way of introduction on the PSE. Among the companies that took this same listing route are Lopez-led Rockwell Land Corp. and Ayala-led Integrated Micro-Electronics Inc.
At PNB’s annual stockholders meeting, Veloso reaffirmed plans to strengthen its capital position and improve its ability to generate more revenues.
This is part of its move to recognize and monetize the unrealized value of its three major properties, namely: the 10-hectare PNB Financial Center in Pasay, PNB Makati Center in Ayala’s Central Business District, and the 8,000-square-meter foreclosed prime property at the corner of Gil Puyat Avenue and Paseo De Roxas in Makati. INQ