PNB is considering the PSE listing of a new real estate unit
The National Bank of the Philippines (PNB), headed by magnate Lucio Tan, plans to list on the Philippine Stock Exchange (PSE) as an IPO its spin-off company holding valuable real estate assets that the bank intends to monetize.
This listing of PNB Holdings Corp. (PHC) as an introduction, or without any immediate initial public offering of shares, was announced Tuesday by PNB chairman Wick Veloso to the bank’s shareholders at an annual meeting.
“We are already preparing the list… The list is a priority for PNB,” Veloso explained in a text message.
The distribution of shares of an unlisted issuer in the form of a real estate dividend by a listed issuer to its shareholders is one of the transactions eligible for listing by way of IPO on the PSE. Among the companies that have gone this same listing route are Rockwell Land Corp., led by Lopez, and Integrated Micro-Electronics Inc., led by Ayala.
At the annual meeting of shareholders of PNB, Veloso reaffirmed its intention to strengthen its capital position and improve its ability to generate more income.
This is part of its decision to recognize and monetize the unrealized value of its three main properties, namely: the 10 hectare PNB financial center in Pasay, the Makati PNB center in the Ayala central business district and the property main seizure of 8000 square meters. at the corner of Gil Puyat Avenue and Paseo De Roxas in Makati. INQ
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