The Philippine Stock Exchange expressed hope that PNB Holdings Corp. (PHC), a wholly-owned subsidiary of Philippine National Bank (PNB), will push through with its planned listing by way of introduction (LBI).
LBI is a process where a company lists in the local bourse without public offering of shares.
PSE president and chief executive Ramon Monzon said in a recent forum the exchange had received several complaints from investors about not being able to get their certificates and having no exit mechanism.
PNB declared property dividends in the form of shares of stocks of PHC in 2021. It entitled PNB shareholders to receive 0.156886919 PHC shares for every 1 share of PNB owned. In October last year, PNB distributed the PHC shares.
The move is part of PNB’s plan to list PHC, as a holding company of PNB’s attractive real estate assets including PNB Financial Center along Diosdado Macapagal Ave. in Pasay City, the PNB Center along Ayala Ave. in Makati City and the 8,000-sq. m. property at the intersection of Makati Ave. and Gil Puyat Ave. also in Makati.
“I think what took so long for them is getting from CAR [certificate authorizing registration] from Bureau of Internal Revenues, That has been addressed,” Monzon said.
While PNB issued only 98 percent of CARs to eligible shareholders, Monzon said the PSE would allow PHC to conduct a LBI.
“Normally, PSE will not allow you to list if the CARs have not been released and the shares are not in the name of the investors. But they are having a hard time looking for the remaining 2 percent because you have to understand PNB is an old bank. They are having a hard time looking for the address. We will not be dogmatic about it,” Monzon said.
Monzon said PHC is now in talks with the Securities and Exchange Commission to allow the company to still list through LBI even if not all CARs were issued to eligible shareholders.