[ANALYSIS] A closer look at Lucio Tan’s PNB Holdings’ listing on the PSE
PNB Holdings Corporation (PNB Holdings) is listing its shares on the Philippine Stock Exchange (PSE) in what is known as “listing by way of introduction” (LBWI).
The plan has long been laid out but the process only gained traction recently when the company took the formal steps on December 26, 2025, leading to the filing of the listing application with the Securities and Exchange Commission (SEC) and the PSE — with the listing to have been occurred this week.
Recall that the board of directors of the Philippine National Bank (PNB) approved on April 23, 2021 the property dividend declaration of up to 239,353,710 common shares of PNB Holdings to all stockholders of record as of May 18, 2021.
Property…
