PNB Holdings Corp. (LTL) listed 46.93 billion shares on the Philippine Stock Exchange (PSE) on Friday, including 23.9 billion shares distributed to shareholders as property dividends by parent Philippine National Bank (PNB).

The listing was conducted by way of introduction, a mechanism allowed under the PSE’s Listing Rules for securities of an unlisted company that are distributed as property dividends by a listed issuer to its shareholders.

LTL began trading at an initial listing price of P1.20 per share. The firm in March projected an estimated total listing value of P56.32 billion.

The company owns the PNB Financial Center, PNB Makati Center and a prime lot in Makati City earmarked for development. Its business covers the leasing of office, retail and commercial spaces, as well as coworking spaces, parking concessions and event venues.

PSE President and Chief Executive Officer Ramon S. Monzon said the listing could mark the start of further expansion for the property company.

“This is only day one for LTL as a listed company. But I am hopeful this listing marks the beginning of even greater ambitions — new real estate ventures grounded in the same sustainability and innovation standards the company has worked hard to establish,” Monzon said.

He also cited the Lucio Tan Group’s track record in developing its other listed companies.

“I have every confidence that the same drive and commitment the Lucio Tan Group has brought to growing its other listed companies — and to creating lasting value for shareholders — will carry LTL toward similar success,” Monzon said.

The listing ceremony was attended by officials from LTL, PNB, the PSE and the Securities and Exchange Commission (SEC).