SEC OKs PNB Holdings’ listing by introduction

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March 20, 2026 | 12:00am

MANILA, Philippines — LT Group Inc. subsidiary PNB Holdings Corp. is set to join the Philippine Stock Exchange (PSE) with the Securities and Exchange Commission (SEC) giving the green light to the company’s listing by way of introduction.

The SEC said its Commission en banc has resolved to render effective PNB Holdings’ registration statement covering up to 46.93 billion common shares, subject to compliance with certain remaining requirements.

The initial listing price for the common shares will be P1.20 each, for a total listing price of P56.32 billion.

Listing by way of introduction allows a company to list its shares with the PSE without having to sell shares to the public immediately.

The PSE’s amended rules on listing by way of Introduction allows the listing of securities of an unlisted issuer when the securities are distributed by way of property dividend by a listed issuer to its own shareholders.

PNB Holdings’ listing comes after its parent company, Philippine National Bank (PNB), declared in 2021 property dividends for its stockholders, covering 51 percent of its shares in PNB Holdings.

The SEC said that as of February 2026, PNB has completed the distribution of 98.08 percent of the property dividends, with the remaining 1.92 percent undistributed shares comprising less than one percent of the outstanding shares of PNB Holdings.

Once the property dividends are fully distributed, PNB Holdings will expand its shareholder list to over 30,000 PNB shareholders.

PNB Holdings’ upcoming listing serves as the company’s formal introduction as a future-ready organization, with 2026 expected to be a pivotal year as it executes the next stage of its long-term plan.

The company’s existing portfolio provides a solid base for future growth and redevelopment.

It serves as a holding company of tycoon Lucio Tan’s most attractive real estate assets including PNB Financial Center along Diosdado Macapagal Avenue in Pasay, the PNB Center along Ayala Avenue in Makati, as well as the 8,000-square meter property at the intersection of Makati Avnue and Gil Puyat Avenue also in Makati.