Philippine National Bank shareholders who received property dividends from the bank’s wholly-owned unit PNB Holdings Corp. will benefit from potential gains from the development of the bank’s major properties, a top executive said.
The bank earlier announced the issuance of property dividends from PNB Holdings to stockholders of the bank on record as of May 18, 2021 as part of a move to recognize and monetize the unrealized value of three major properties.
These properties are the PNB Financial Center in Pasay City, PNB Makati Center in Ayala’s central business district, and the Prime Property at the corner of Buendia Avenue and Paseo de Roxas in Makati.
PNB president and chief executive Wick Veloso said during the annual stockholders’ meeting that all shareholders of PNB would become part owners of PNB Holdings, allowing them to benefit from future potential gains from the development of the properties.
He said shareholders could cash in on their dividends by selling their shares in the Philippine Stock Exchange once PNB Holdings is listed.