PNB Holdings cleared for PSE debut
The Securities and Exchange Commission (SEC) has approved the listing of Lucio Tan-led PNB Holdings Corp. (PHC) by way of introduction, paving the way for the company’s shares to trade without conducting an initial public offering.
In a statement, the corporate regulator said its Commission en Banc on March 12 had rendered effective the registration statement of PHC covering up to 46.93 billion common shares, subject to the company’s compliance with remaining requirements.
The shares will have an initial listing price of P1.20 each, translating to a total listing value of about P56.32 billion, according to the regulator.
The listing stems from Philippine National Bank’s (PNB) declaration of property dividends in 2021, which involved the distribution of 51 percent of its shares in PHC to its shareholders.
Once the distribution process is completed, PHC’s shareholder base is expected to widen significantly, potentially reaching more than 30,000 PNB shareholders, the SEC said.
As of February 2026, PNB had already distributed 98.08 percent of the declared property dividends, leaving 1.92 percent of shares yet to be distributed. The remaining shares account for less than 1 percent of PHC’s outstanding shares, according to the disclosure.
A listing by way of introduction allows an unlisted company’s shares to begin trading on the exchange without conducting a traditional public offering.
Under the PSE’s amended rules on listing by way of introduction, securities may be listed if they were distributed as property dividends by a listed company to its own shareholders.
In PHC’s case, the shares originated from PNB’s property dividend declaration, enabling the company to meet the regulatory requirements for this type of listing.
Once listed, PHC will join the roster of companies traded on the PSE, marking a significant step in the restructuring of PNB’s corporate holdings and expanding the number of shareholders who directly own PHC shares.
The SEC’s approval is expected to move the listing process forward as PHC completes the remaining requirements for its debut on the stock exchange.
