PNB Holdings’ IPO in limbo
LT Group Inc. (LTG) may push back the planned listing of the real estate arm of billionaire Lucio Tan’s Philippine National Bank (PNB), as volatile market conditions continue to weigh on investor sentiment.
In a media briefing on Wednesday, LTG president and chief operating officer Lucio Tan III said the conglomerate was still keen on pursuing the listing of PNB Holdings Corp. (PHC). But he said the group was closely monitoring market conditions before finalizing the timing.
“Due to the oil crisis basically causing a lot of issues in the macroeconomic situation, we are actively monitoring the market at this point,” Tan said.
“We will make an adjustment with regards to our listing date in accordance with the market conditions,” he added.
The planned initial public offering (IPO) was originally targeted “very, very soon,” according to Tan, but the group may now delay the offer to ensure it maximizes value for investors.
He said discussions were ongoing on whether the transaction would push through later this year or next year.
Earlier this year, the Securities and Exchange Commission approved the listing by way of introduction of PHC. This allows the company’s shares to trade on the Philippine Stock Exchange (PSE) without conducting an initial public offering.
The SEC said its Commission En Banc rendered effective on March 12 the registration statement covering up to 46.93 billion PHC common shares, subject to remaining requirements.
The shares will debut at P1.20 apiece, translating to a listing value of around P56.32 billion.
