No timetable yet for follow-on share offer, says PNB Holdings

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January 6, 2026 | 12:00am

MANILA, Philippines — PNB Holdings Corp. said there is no definitive decision or timetable for any follow-on offering, clarifying that while it continues to explore long-term strategic options, no capital-raising activity is planned at this time.

In a regulatory filing, the real estate arm of Philippine National Bank stressed that “no definitive decision has been made regarding any follow-on offering nor is there a definitive timetable or structure on the matter at this time,” amid reports that the company was eyeing such an option within the next three to four years to help fund redevelopment projects.

PNB Holdings said any potential capital-raising initiative would remain subject to internal corporate approvals, favorable market conditions and the required regulatory filings and disclosures.

It also reiterated that its current applications with the Securities and Exchange Commission and the Philippine Stock Exchange are not intended to raise capital.

The company said the registration and listing of its shares are “not intended to raise capital at this time, and do not involve any immediate capital-raising activity,” noting that the listing by way of introduction is meant to provide “an orderly trading venue and liquidity” for shares previously distributed as property dividends to PNB stockholders.

At the same time, PNB Holdings confirmed that its operational focus remains on the redevelopment and enhancement of three prime assets: the PNB Financial Center in Pasay City, the PNB Makati Center along Ayala Avenue and a commercial lot in Makati City.

These properties, it said, form part of the company’s long-term strategy that has already been communicated in earlier disclosures.

The firm added that upgrades are ongoing at both the PNB Makati Center and the PNB Financial Center to maintain their competitiveness as prime leasing properties while preparations for redevelopment continue. These enhancements are intended to ensure that the buildings “remain aligned with current property market requirements.”

Based on initial internal estimates, the three properties are expected to provide a combined redevelopment and sales pipeline covering at least 15 years. The company said this outlook supports its “multi-phase approach to redevelopment and value realization,” underscoring the long-term nature of its plans.

PNB Holdings also clarified that it has no approved plan to enter the mass residential market. Its current business focus remains on “commercial, office, retail and ultra-luxury segments based on ongoing market assessments,” while continuing to monitor broader market developments as part of its strategic review process.

The company emphasized that statements relating to possible future plans, including capital-raising initiatives and entry into new property segments, are forward-looking and subject to various risks and uncertainties.

It added that, aside from the clarifications issued, there is no additional material information related to earlier news reports that has not yet been publicly disclosed.