The Securities and Exchange Commission (SEC) has approved the listing of PNB Holdings Corp. on the Philippine Stock Exchange (PSE) through a listing by way of introduction.
This listing method allows existing shares to be listed on the stock exchange without conducting an initial public offering (IPO) or raising new capital.
During its en banc meeting on March 12, the SEC approved the company’s registration statement covering up to 46.93 billion common shares. These shares will have an initial listing price of ₱1.20 each, giving the company a total listing value of about ₱56.32 billion.
The listing follows a 2021 property dividend declaration by Philippine National Bank (PNB), the parent firm of PNB Holdings. The dividend involved 51 percent of PNB Holdings’ shares, which were distributed to PNB shareholders.
Once fully distributed, the move is expected to expand PNB Holdings’ shareholder base to more than 30,000 investors from PNB’s stockholders.
As of February, 98.08 percent of the property dividends have already been distributed, with the remaining 1.92 percent still undistributed, representing less than one percent of the company’s outstanding shares.
Under the PSE’s amended rules, companies may list through introduction when shares of an unlisted firm are distributed as property dividends by a listed company to its shareholders.
