LT Group Inc. may postpone the listing of its real estate arm PNB Holdings Corp. (PHC) as a downturn in the stock market prompts the conglomerate run by tycoon Lucion Tan to reconsider its timing.
LT Group president and chief operating officer Lucio Tan III said the company is monitoring market developments to determine when to list PHC, which manages high-value assets such as the PNB Financial Center and the PNB Makati Center.
“The initial plan was to list very, very soon, but due to the issues that we’re seeing in the market, we may potentially have to push it back,” Tan said. He said the company wants to ensure it maximizes the value of the listing and fully capitalizes on the move.
The Securities and Exchange Commission approved the listing by way of introduction in March, allowing PHC to join the local bourse without a public offering.
The plan involves listing 46.93 billion common shares at an initial price of P1.20, giving PHC a market value of P56 billion.
Tan expressed cautious optimism regarding the group’s 2026 performance despite risks stemming from tensions in the Middle East. He said the group is prioritizing its banking business, Philippine National Bank (PNB), because it serves as the primary contributor to net income.
“We need to be mindful of making sure that we provide support and assistance to ensure that NPLs [non-performing loans] don’t escalate. But we are extremely optimistic about PNB. We are aiming for significant growth, both from a loan volume standpoint as well as a net income standpoint,” Tan said.
Within the beverage segment, Tan noted that rising shipping costs have increased the price of raw and packaging materials. To address expansion, LT Group plans to spend between P6 billion and P8 billion in capital expenditures for its beverage business in 2026.
“Overall, we’re still excited about the growth for LTG as a whole. We are mindful of a lot of the challenges that we have, but we’re confident that we can address all of those,” Tan said.
