PNB Holdings Corp., the real estate arm of billionaire Lucio Tan’s Philippine National Ban (PNB), has formally applied to list its shares on the Philippine Stock Exchange (PSE), moving to monetize a massive property portfolio after years of preparation.

In a regulatory filing on Friday, Dec. 26, parent company LT Group Inc. said PNB Holdings filed a registration statement with the Securities and Exchange Commission (SEC).

The PNB Holdings’ move paves the way for a “listing by way of introduction,” a process that allows a company to join the bourse without an immediate initial public offering. This method is typically reserved for entities that already possess sufficiently broad shareholder base, often created through the distribution of shares as dividends.

The listing is the culmination of a strategy first signaled in 2021, when PNB declared its 51 percent stake in the holding company as property dividends to its shareholders. The bank confirmed it set Oct. 25, 2024, as the distribution date for stockholders who had secured tax clearances from the Bureau of Internal Revenue by late August.

The bank noted that further distributions would proceed as additional electronic Certificates Authorizing Registration are issued and outstanding obligations are settled.

By spinning off the unit, the Tan-led lender aims to clean up its balance sheet and unlock the value of prime real estate that has long been classified as low-earning assets.

The portfolio is anchored by three landmark sites: the PNB Financial Center in Pasay City, the PNB Makati Center in the heart of the Ayala Central Business District, and a prime commercial lot at the intersection of Buendia Avenue and Paseo de Roxas.

PNB earlier said that the restructuring will strengthen its capital position and allow management to focus on its core banking operations. For shareholders, the listing provides a liquid exit mechanism.

Once the shares are active on the local exchange, investors can trade their holdings at market prices, which the bank describes as the most cost-efficient way to realize gains compared to private sales.

While the exchange’s rules require a follow-on offering at a later date to ensure continued liquidity and public participation, the immediate priority remains the formal debut.

The bank has not provided a specific date for when trading will commence, noting that the timeline remains subject to final approvals from the SEC and the PSE.