Philippine National Bank (PNB), the banking arm of the Lucio Tan Group, said the planned stock market listing of its real estate arm, PNB Holdings Corp. (PHC), remains on track as the property company completes regulatory and documentary requirements for its proposed debut on the Philippine Stock Exchange (PSE).

In a statement on Monday, PNB said PHC continues to prepare for a listing by way of introduction, a transaction that would make the company's shares available to the investing public without conducting an initial public offering. The bank said the listing is expected to broaden PHC's investor base, improve access to capital markets and unlock long-term value for shareholders.

PHC is currently finalizing the documentation and preparatory work required for the listing while coordinating with the PSE and other regulators to ensure an orderly market entry. Although the Securities and Exchange Commission (SEC) approved the transaction in March, PNB said the timing of the listing will depend on prevailing market conditions and other relevant factors.

Earlier reports said the property company is set to debut with an indicative share price of P1.20, translating to a market capitalization of about P56.32 billion.

The planned listing stems from PNB's decision in April 2021 to distribute a 51-percent stake in PHC as property dividends to its shareholders. Under PSE rules, a company may qualify for listing by way of introduction if its shares are sufficiently distributed among investors, including through a property dividend distribution by a listed parent company.

Once the distribution process is completed, PHC's shareholder base is expected to exceed 30,000 investors. As of February 2026, PNB had already completed the distribution of 98.08 percent of the property dividends, leaving only 1.92 percent undistributed.