Lucio Tan–led PNB Holdings Corp. (PHC) is set to list on the Philippine Stock Exchange (PSE), potentially raising P56.32 billion, as it seeks to expand its shareholder base and boost its market profile.

The Securities and Exchange Commission (SEC) said Monday that the En Banc “resolved to render effective the registration statement of PHC covering up to 46,932,100,000 common shares.”

The regulator, however, noted that the listing remains subject to the company’s compliance with certain remaining requirements.

The initial price is P1.20 per share, giving the company its estimated total listing value of P56.32 billion.

PNB’s 2021 property dividend

The move follows the Philippine National Bank’s (PNB) 2021 property dividend, which gave shareholders 51 percent of PHC’s stock.

Once fully distributed, PHC will count more than 30,000 shareholders.

As of February, 98.08 percent of the dividends have been distributed, with less than two percent remaining.

The PSE allows this type of listing when shares are given out as property dividends.

For PHC, the listing “means higher visibility, broader investor reach, and a stronger platform for growth.”