PHILIPPINE National Bank (PNB) said its property arm PNB Holdings Corp. (PHC) continues to prepare for its proposed listing by introduction on the Philippine Stock Exchange (PSE), while the timing of the transaction remains under review, BusinessWorld reported.
In a disclosure on Monday, PNB said PHC is undertaking documentation and other preparatory requirements for the proposed listing. The lender noted that the transaction remains subject to regulatory approvals and market conditions.
A listing by introduction does not involve a primary or secondary offering of shares, allowing PHC to trade on the exchange without raising new capital. PNB has not specified a target date for the listing.