The Securities and Exchange Commission (SEC) has cleared a plan by PNB Holdings Corp., the real estate arm of Philippine National Bank, to list its shares on the local bourse by way of introduction, paving the way for the lender to unlock value from its prime property portfolio.

The Commission En Banc, in a March 12 resolution, rendered effective the registration statement for as many as 46.93 million common shares, according to a regulatory filing.

The approval is subject to PNB Holdings’ compliance with the remaining administrative requirements. The initial listing price has been set at ₱1.20 per share, giving the total listing a valuation of ₱56.32 billion.

Listing by way of introduction allows a company to join the main board of the Philippine Stock Exchange without an immediate initial public offering, provided it already meets minimum public ownership requirements.

Under the exchange’s amended rules, an unlisted issuer may list its securities if they were distributed as a property dividend by a listed company to its shareholders.

The move follows PNB’s 2021 decision to declare property dividends to its stockholders, representing a majority stake in its holding unit.

As of February 2026, the bank has successfully distributed 98.08 percent of those dividends. Once the process is finalized, PNB Holdings will count more than 30,000 PNB shareholders among its investor base. The remaining undistributed shares represent less than one percent of the subsidiary's outstanding capital.

The move is designed to monetize the bank’s “unrealized value” from three flagship assets: the PNB Financial Center in Pasay City, the PNB Makati Center in the heart of the Ayala Central Business District, and a prime lot at the intersection of Buendia Avenue and Paseo de Roxas.

By spinning off these assets, the bank aims to transition the properties from a passive state on its balance sheet into active development projects.

“Through the distribution of shares, all shareholders of PNB will become part owners of PNB Holdings, allowing them to benefit from future potential gains from the development of the properties,” the bank said in a statement.

The listing provides a liquid exit for PNB’s longstanding investors. Once the shares are active on the exchange, stockholders can trade their holdings at market-determined prices, which the bank describes as the most cost-efficient method for divestment.

Conversely, the listing allows investors to increase their exposure to the Philippine real estate sector by purchasing additional shares, participating directly in the capital appreciation of the Makati and Pasay landbanks.