A significant shift is unfolding in the Philippine stock market as PNB Holdings Corp. (PHC), the real estate division of Philippine National Bank (PNB), prepares to begin trading on the Philippine Stock Exchange (PSE).
The Securities and Exchange Commission (SEC) recently gave the green light for this listing, a process known as listing by way of introduction, paving the way for nearly 47 billion common shares to become publicly available.
This unique listing method stems from PNB’s decision in 2021 to distribute a substantial portion of its PHC holdings as property dividends to its shareholders – a move that effectively transforms a large base of bank customers into property company owners.
The initial listing price is set at P1.20 per share, valuing the company at approximately P56.32 billion, and will broaden PHC’s ownership to include over 30,000 individuals who were previously PNB shareholders.
While the vast majority of the property dividends have already been distributed – 98.08% as of February – a small fraction remains, representing less than 1% of PHC’s total outstanding shares.
This listing is viewed as a key event for the PSE this year, signaling potential growth and increased investor participation in the real estate sector.
Interestingly, concurrent with the SEC’s approval, PNB’s own share price experienced a slight dip, closing at P55.10 per share on Monday.
