PNB Holdings Rings Opening Bell, Begins Trading on PSE
MAKATI CITY, Philippines – PNB Holdings Corporation (the “Company” or “PNB Holdings”; PSE: LTL) marked a major milestone on Friday as it officially listed on The Philippine Stock Exchange, Inc. (PSE) through a Listing by Way of Introduction (LBWI), highlighted by a ceremonial bell-ringing attended by leaders of the Philippine capital markets and the Company’s senior management.
Leading the ceremony were PSE President and Chief Executive Officer Ramon S. Monzon, Securities and Exchange Commission (SEC) Chairperson Atty. Francis Edralin Lim, PSE Director Ma. Vivian Yuchengco; PSE Executive Vice President & Chief Operating Officer Roel A. Refran, PSE Vice President & Head of Issuer Regulation Division Atty. Marigel Baniqued-Garcia, Atty. Veronica V. Del Rosario, PSE Vice President & General Counsel; and other representatives from the country’s regulatory and capital market institutions. Joining them were PNB Holdings officials led by Karlu T. Say, President; Lucio C. Tan III, Director; Kyle Ellis C. Tan, Director; Atty. Carlos Luis Fernandez, Corporate Secretary; and Ponciano S. Carreon Jr., Chief Financial Officer.
The listing marks the beginning of a new chapter for PNB Holdings as a publicly traded real estate company backed by a portfolio of strategically located Metro Manila assets, including the PNB Financial Center in Pasay City, the PNB Makati Center along Ayala Avenue, and the Buendia Property in Makati City.
In her remarks during the ceremony, Karlu T. Say emphasized that the listing represents more than a market event. “Today’s 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,” she said. Unlike a traditional initial public offering, the LBWI does not raise new capital. Instead, it provides a regulated trading platform for shareholders and establishes a transparent mechanism for market-based price discovery.
Unlike a traditional initial public offering, the LBWI does not raise new capital. Instead, it provides a regulated trading platform for shareholders and establishes a transparent mechanism for market-based price discovery.
The Company’s initial listing price of ₱1.20 per share is supported by an independent valuation and fairness opinion that estimated a fair value range of approximately ₱1.18 to ₱1.89 per share. PNB Holdings enters the public market backed by a portfolio with an independently appraised value of approximately ₱88.8 billion, significantly higher than its carrying value on the Company’s books, reflecting the long-term potential of its prime real estate assets.
As trading commenced under the ticker symbol LTL, PNB Holdings reiterated its focus on creating sustainable long-term value through disciplined asset management, strategic property enhancements, and the progressive redevelopment of its key holdings. The Company has outlined a long-term vision that includes transforming selected properties into future mixed-use commercial, office, retail, hospitality, and lifestyle destinations, subject to market conditions and necessary approvals.
ABOUT PNB HOLDINGS
PNB Holdings Corporation (the “Company” or “PNB Holdings”; PSE: LTL) is a Philippine real estate holding company that owns, manages, and develops strategically located commercial properties in Metro Manila, particularly in Makati and Pasay. Incorporated in 1920, the Company’s portfolio includes office, retail, and event spaces anchored by landmark properties such as the PNB Financial Center and PNB Makati Center. The Company is focused on enhancing the value and performance of its real estate assets while pursuing opportunities for long-term growth and redevelopment.
For more information, please contact [email protected].
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