PNB Holdings Debuts on PSE, Eyes Redevelopment of Prime Assets

MANILA, Philippines — PNB Holdings Corp. made its stock market debut yesterday through a listing by way of introduction, opening its shares to public trading as the real estate company prepares to redevelop prime properties in Makati and Pasay. The company listed 46.93 billion common shares on the main board of the Philippine Stock Exchange under the ticker symbol LTL. A listing by way of introduction allows existing shares of a company to begin trading on the stock exchange without a public offering of new shares. Unlike a traditional initial public offering, the transaction does not raise fresh capital for the company. “The listing also fulfills our commitment to provide an orderly and transparent avenue for liquidity and price discovery for our long-standing shareholders, while offering new investors the opportunity to participate in the company’s next chapter of growth,” PNB Holdings president Karlu Say said. The P1.20 initial listing price was supported by an independent valuation and fairness opinion that estimated the company’s fair value at around P1.18 to P1.89 per share. The company said its property portfolio carries an independently appraised value of about P88.8 billion, substantially higher than its carrying value on its books. PNB Holdings owns and manages commercial properties in Metro Manila, including the PNB Financial Center in Pasay, the PNB Makati Center along Ayala Avenue and the Buendia property in Makati. The company plans to pursue a phased redevelopment of selected assets, beginning with its Buendia property, which it envisions as a high-end mixed-use development. Over time, other sites in Makati and Pasay may also be transformed into mixed-use developments as the company seeks to unlock more value from its real estate holdings. PNB Holdings said its long-term plans include commercial, office, retail, hospitality and lifestyle components, subject to market conditions and regulatory approvals. The company’s listing also provides a clearer picture of its ownership structure. Philippine National Bank remains PNB Holdings’ largest shareholder with a 49.75-percent stake, equivalent to 23.35 billion shares. PNB Holdings reported a public ownership level of 15.39 percent as of listing day, representing about 7.22 billion shares. Some 39.71 billion shares were classified as non-public. Several other shareholders are majority-owned and controlled by LT Group Inc., which gained indirect ownership of PNB Holdings following the distribution of shares previously held by PNB.