PNB says property unit continues listing preparations

PHILIPPINE National Bank (PNB) said its property arm PNB Holdings Corp. (PHC) continues to prepare for its proposed listing by introduction on the Philippine Stock Exchange (PSE), while the timing of the transaction remains under review.

In a disclosure on Monday, PNB said PHC is undertaking the documentation and other preparatory requirements for the proposed listing, including coordination with the PSE and other regulators.

“PHC continues to move forward with its listing plan and make its shares available to the investing public. PHC views the proposed listing as an important step toward broadening its investor base, enhancing market access, and creating long-term value for its shareholders,” the bank said.

PNB said the final timing of the listing will depend on PHC’s assessment of various factors to achieve an optimal outcome for shareholders.

“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,” it said.

LT Group, Inc. President and Chief Operating Officer Lucio C. Tan III earlier said the planned listing of PHC could be delayed due to market volatility, geopolitical risks, and the group’s review of its capital expenditure (capex) plans.

PNB said it remains confident in the strategic merits of PHC’s proposed listing and will provide updates as appropriate.

PNB’s net income rose 5% to P6.37 billion in the first quarter as higher core and other income offset trading and foreign exchange losses.

Its shares rose 0.86%, or 50 centavos, to close at P58.40 each on Monday. — Aaron Michael C. Sy