PNB Holdings, the real estate arm of Philippine National Bank (PNB), has taken an important step toward a stock market listing. The company has registered its shares with the Securities and Exchange Commission (SEC), which is needed before it can be listed on the Philippine Stock Exchange.

PNB is controlled by billionaire businessman Lucio Tan, whose business empire includes airlines, tobacco, drinks, banking, and real estate. His main holding company, LT Group, owns a majority stake in PNB.

According to LT Group, PNB Holdings plans to list through a “listing by way of introduction.” This means the company will not raise new money from investors at the time of listing. Instead, existing shares will simply be allowed to trade on the stock exchange.

PNB Holdings is backed by three prime real estate assets with a total market value of about 80.9 billion pesos, or $1.4 billion. LT Group said this listing will allow these shares to be traded publicly for the first time.

Lucio Tan III, president and chief operating officer of LT Group, said the listing could happen as early as the first quarter of 2026. However, this will still depend on regulatory approvals and market conditions.

PNB Holdings owns several valuable properties in Metro Manila. These include PNB’s main office complex near Manila Bay, an office building on Ayala Avenue in Makati’s central business district, and a vacant lot located on the edge of the Makati CBD. These locations are among the most important and expensive business areas in the country.

On PNB’s books, these properties are recorded at a value of 46.8 billion pesos. Based on current market prices, this suggests unrealized gains of about 34 billion pesos. In simple terms, the properties are worth far more today than what they are listed for on the company’s balance sheet.

Ahead of the planned stock market listing, PNB is doing a new valuation of the properties to better reflect their true market value, according to Lucio Tan III.

Jonathan Ravelas, managing director at Manila-based consulting firm eMBMS, said the main goal of the listing is to unlock the hidden value of these prime real estate assets. He explained that the listing will allow investors to clearly see and trade the value of PNB Holdings.

Ravelas also stressed that this move is not meant to strengthen PNB’s finances. He said the bank’s capital position is already strong and does not need support from a property listing.

He added that he believes the estimated market value of the properties is realistic, especially because the areas around them are seeing major redevelopment projects. These improvements are likely to support or increase property values over time.

Beyond unlocking property value, the listing is also expected to raise PNB Holdings’ profile in the market. According to Ravelas, it could open doors for future growth, such as partnerships or even the creation of a real estate investment trust (REIT) in the future.

The plan to list PNB Holdings goes back to 2021. That year, PNB carried out a property-for-share swap, which led to the creation of PNB Holdings. As part of that deal, the bank agreed to distribute 59% of PNB Holdings to its shareholders as a property dividend.

This dividend covers 293.4 million shares, with shareholders receiving 0.16 PNB Holdings shares for every PNB share they own. The original distribution date was set for October 2024.

However, progress has been slow. As of August, only 1,823 shareholders had received their PNB Holdings shares. This is much lower than the 36,362 shareholders who are eligible to receive the dividend, according to the bank.

Lucio Tan, chairman of LT Group, is one of the richest people in the Philippines. His businesses span airlines, alcohol, tobacco, banking, and property. According to Forbes real-time data, his net worth is estimated at $3.3 billion.

Published: 30th December 2025

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