PNB Holdings is a holding company that invests, develops and trades in various assets, of which prime real-estate properties make up the majority. The firm plans to unload its PNB Financial Center in Pasay, the PNB Makati Center in Ayala's Central Business District, and the Prime Property at the corner of Buendia Avenue and Paseo De Roxas, also in Makati.
PNB Holdings chief executive officer Wick Veloso said in a statement Friday that the listing will allow stockholders to gain from the issuance of its property dividends as it moves to liquidate its low-earning assets."With the planned listing of the PNB Holdings shares in the PSE, shareholders may opt to dispose their shareholdings at the most cost-efficient manner at the most appropriate time and capitalize on potential valuation gains," the executive said.
Under PSE rules, a firm is allowed to enter the stock market without having to sell shares of stock to investors immediately. Earlier this week, PNB said its board of directors approved the declaration of shares of PNB Holdings as property dividends to the stockholders of PNB on record as of May 18. PNB said the property dividends will consist of 239.353 million shares, priced at ₱100 apiece. Execution of the property dividends is set for next month.