SEC clears PNB Holdings’ PSE listing by way of introduction

THE Securities and Exchange Commission (SEC) has approved the listing of PNB Holdings Corp. (PHC), the real estate arm of Philippine National Bank (PNB), on the Philippine Stock Exchange (PSE) by way of introduction.

In a statement on Monday, the SEC said its Commission En Banc resolved to make PHC’s registration statement effective, covering up to 46,932,100,000 common shares, subject to the company’s compliance with remaining requirements.

The PSE’s Amended Rules on Listing by Way of Introduction allow the listing of securities from an unlisted issuer when these are distributed as property dividends by a listed issuer to its shareholders.

According to the SEC, the common shares will initially be listed at P1.20 each, representing a total value of about P56.32 billion.

PHC’s listing follows PNB’s 2021 declaration of property dividends to its shareholders, through which the bank distributed 51% of its PHC shares. After the full distribution of the property dividends, more than 30,000 PNB shareholders will become part of PHC’s shareholder base.

As of February 2026, PNB had distributed 98.08% of the property dividends, leaving 1.92% of the shares undistributed. These remaining shares account for less than 1% of PHC’s total outstanding shares.

PHC’s listing by way of introduction is among the anticipated listings on the PSE this year.

At the local bourse on Monday, PNB shares fell 2.04% to P55.10 each. — Alexandria Grace C. Magno