PNB Holdings Corp., the property company spun off from Philippine National Bank, began trading on the Philippine Stock Exchange (PSE) on Friday, 25 September 2026, under the ticker LTL. It listed 46.93 billion common shares on the main board by way of introduction at an initial price of P1.20 each, and plans to redevelop prime sites in Makati and Pasay, The Philippine Star reported.
A listing by way of introduction lets existing shares start trading without a public offering, so the company raised no new capital. Find more market news on our business hub and Philippines hub.
Key takeaways
- PNB Holdings (LTL) listed 46.93 billion shares on 25 September at P1.20, with no fresh capital raised.
- The stock swung between P0.70 and P1.24 on day one before closing unchanged at P1.20.
- The company plans phased mixed-use redevelopment, starting with its Buendia property in Makati.
A volatile first day
The shares had a choppy start. LTL opened at P0.75, fell as low as P0.70 and rose as high as P1.24 before ending the session flat at its P1.20 listing price, The Manila Times reported. About 952.8 million shares worth roughly P1.04 billion changed hands, while the benchmark PSE index closed 1.67% higher on the day.
The Philippine Star said the P1.20 listing price was backed by an independent valuation and fairness opinion that put the company’s fair value at about P1.18 to P1.89 per share.
Why the company listed this way
The PSE said the 46.93 billion listed shares include 23.9 billion shares that PNB declared as property dividends to its own shareholders. Exchange rules allow an unlisted company to list by introduction when its shares have been distributed as property dividends by a listed parent.
“The listing also fulfills our commitment to provide an orderly and transparent avenue for liquidity and price discovery for our long-standing shareholders,” PNB Holdings president Karlu Say said, as quoted by The Philippine Star. For PNB shareholders who received the dividend shares, the listing gives them a regulated market in which to trade.
Philippine National Bank remains the largest shareholder with a 49.75% stake, or 23.35 billion shares, according to The Philippine Star. Public ownership stood at 15.39% on listing day. Several other shareholders are majority-owned and controlled by LT Group Inc.
The property portfolio
PNB Holdings owns and manages the PNB Financial Center in Pasay, the PNB Makati Center on Ayala Avenue and a property along Buendia in Makati. It earns money from leasing office, retail and commercial space, as well as coworking areas, parking concessions and event venues, the PSE said. PSE president and CEO Ramon Monzon described the three assets as a portfolio worth more than P85 billion, The Manila Times reported, while The Philippine Star cited an independently appraised value of about P88.8 billion.
The company’s balance sheet is light on debt. As of June 2026, it had total assets of P50.894 billion, cash of P3.025 billion and a debt-to-equity ratio of 0.02, with no interest-bearing loans, The Manila Times said. First-half net income rose 85.3% to P209.9 million.
Redevelopment plans
The company plans a phased redevelopment of selected properties, beginning with the Buendia site, which it envisions as a high-end mixed-use project. Other sites in Makati and Pasay could later be converted into mixed-use developments with office, retail, hospitality and lifestyle components, subject to market conditions and regulatory approvals, The Philippine Star reported.
“This is only day one for LTL as a listed company,” Monzon said at the listing ceremony. “But I am hopeful this listing marks the beginning of even greater ambitions.”
