PNB Holdings eyes stock market listing

LT Group, Inc. said its banking subsidiary, PNB Holdings Corp. (PHC), has taken a key step toward a potential stock market listing. This signals renewed activity in the local capital markets as the year draws to a close.

In a disclosure on Friday, the Lucio-Tan-led group said PHC had filed a registration statement with the Securities and Exchange Commission. This is in preparation for the listing of its subscribed capital stock at the Philippine Stock Exchange (PSE).

The planned listing will be done by way of introduction, under Part G, Article III of the PSE’s Consolidated Listing and Disclosure Rules.

A listing by way of introduction allows a company’s existing shares to be listed on the exchange without raising fresh capital, as no public offering of shares is involved.

This route is typically used to provide liquidity and market visibility for a company’s shares, rather than to fund expansion.

According to the disclosure, both LT Group and PHC would keep the market informed of material developments related to the planned listing. These may include regulatory approvals, the listing timetable and other key milestones.

PHC is the holding company of Philippine National Bank (PNB), one of the country’s largest universal banks.

LT Group is a diversified holding firm with interests spanning banking, tobacco, alcoholic beverages, aviation and property development.

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Aside from PNB, its major subsidiaries include Philip Morris Philippines Manufacturing, Inc., Asia Brewery, Inc., Tanduay Distillers, Inc. and Philippine Airlines, Inc.

Market watchers see listings by way of introduction as a way to broaden the PSE’s roster of listed firms without adding immediate selling pressure to the market, as no new shares are sold to the public.

LT Group did not provide details on the number of shares to be listed, valuation or a target listing date. It noted that the process remains subject to regulatory review.