PHILIPPINE National Bank (PNB) said its property arm PNB Holdings Corp. (PHC) continues to organize for its proposed listing by introduction on the Philippine Stock Exchange (PSE), while the timing of the transaction stays 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 maneuver forward with its listing plan and make its shares available to the investing public. PHC views the proposed listing as a crucial step toward broadening its investor base, enhancing market access, and creating long-term value for its shareholders,” the bank said.
PNB said the ultimate timing of the listing will rely upon PHC’s assessment of varied aspects to realize an optimal consequence for shareholders.
“The ultimate timing of the listing will probably be guided by PHC’s assessment of multiple relevant aspects, with the target of achieving an optimal consequence for its shareholders,” it said.
LT Group, Inc. President and Chief Operating Officer Lucio C. Tan III earlier said the planned listing of PHC may very well be delayed as a consequence of market volatility, geopolitical risks, and the group’s review of its capital expenditure (capex) plans.
PNB said it stays confident within the strategic merits of PHC’s proposed listing and can provide updates as appropriate.
PNB’s net income rose 5% to P6.37 billion in the primary quarter as higher core and other income offset trading and foreign exchange losses.
Its shares rose 0.86%, or 50 centavos, to shut at P58.40 each on Monday. — Aaron Michael C. Sy