PNB Holdings listing by intro still on the table

MANILA, Philippines – PNB Holdings Corp. (PHC), the property holding arm of Philippine National Bank, is moving ahead with plans to list on the Philippine Stock Exchange by way of introduction.

In a disclosure on Monday, the Lucio Tan-led bank said PHC was proceeding with the preparations and documentation needed for the listing by introduction, which would make its shares available to the investing public without raising fresh capital through a traditional initial public offering.

READ: SEC clears PNB Holdings listing on PSE

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PHC views the planned listing as a key step toward broadening its investor base, improving access to capital markets and creating long-term value for shareholders.

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The parent bank added that PHC would like to ensure an orderly and smooth market entry, while coordinating with the bourse and regulators involved in the listing process.

Even without conducting a public offering or issuing new shares, listing by introduction makes existing shares available for trading on the exchange, subject to regulatory approval.

PNB said it remained confident in the strategic merits of PHC’s listing.

READ: PNB Holdings eyes eventual follow-on offering

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“The final timing of the listing will be guided by PHC’s assessment of multiple relevant factors, with the objective of achieving an optimal outcome for its shareholders,” the bank said.

PNB earlier spun off into PHC some of its big-ticket real estate assets. The proposed listing is seen to give investors direct exposure to the holding company. INQ

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