Philippine National Bank (PNB), the banking arm of Lucio Tan’s conglomerate, said it remains committed to listing its real estate subsidiary by way of introduction, navigating a lengthy regulatory process to monetize its prime property portfolio.

In a disclosure to the Philippine Stock Exchange (PSE), the lender stated it continues to support PNB Holdings Corp. as the property developer advances preparations for its market debut.

The bank views the proposed listing as a critical step toward broadening the unit's investor base, enhancing market access, and creating long-term value for its shareholders.

PNB Holdings is currently completing the necessary documentation and preparatory steps required for the listing, coordinating with the PSE and other capital market regulators to ensure a smooth market entry.

While the Securities and Exchange Commission (SEC) approved the listing in March, PNB noted that the final timing of the market debut will depend on an assessment of multiple market factors to achieve an optimal outcome for investors. The initial listing price for the common shares is set at ₱1.20 each, giving the property company a total listing size of ₱56.32 billion.

Listing by way of introduction allows a company to list its shares on the local bourse without an initial public offering, provided it already meets the required shareholder spread. Under the PSE’s amended rules, an unlisted issuer can pursue this route if its securities are distributed as a property dividend by a listed parent firm to its own stockholders.

The move follows PNB’s decision in April 2021 to declare property dividends covering a 51 percent stake in the real estate arm. Once the distribution is finalized, PNB Holdings will expand its shareholder base to more than 30,000 investors.

As of February 2026, the commercial bank had completed the distribution of 98.08 percent of the property dividends. The remaining 1.92 percent of undistributed shares account for less than one percent of the property firm's outstanding stock.

The dividend distribution is part of the lender's strategy to recognize and monetize the unrealized value of its three prime real estate assets. These holdings include the PNB Financial Center in Pasay City, the PNB Makati Center in the Ayala central business district, and a prime commercial lot at the intersection of Gil Puyat Avenue and Paseo de Roxas in Makati.

Through the share distribution, all PNB stockholders will become direct owners of PNB Holdings, positioning them to benefit from future valuation gains and development projects. Stockholders will be able to monetize their dividends by selling the shares on the PSE once trading commences, which the bank described as the most cost-efficient method to realize value.