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Thursday, March 28, 2024

PNB Holdings shares declared as dividends

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The board of directors of the Philippine National Bank approved the declaration of shares of PNB Holdings Corp. as property dividends effective May 18, 2021.

PNB Holdings Corp. is a fully-owned subsidiary of PNB that serves as a holding company that invests, develops and sells all kinds of assets, majority of which are prime real estate properties.

PNB said in a disclosure to the stock exchange it declared PNB Holdings Corp. shares as property dividends to the stockholders of PNB on record as of May 18, 2021.

PNB earlier obtained regulatory approval to make additional investments in PNB Holdings in exchange for certain properties of the bank.  

The investment in PNB Holdings and the dividend declaration are two important phases of the bank’s strategic initiative to recognize the unrealized value of three major properties, including the PNB Financial Center in Pasay, 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.

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