1 week Spin-off of PNB real estate subsidiary seen completed this year Inquirer
Tycoon Lucio Tan-led Philippine National Bank (PNB) aims to complete within this year the spin-off of a company that will unlock values from the bank's most valuable but currently low-earning real estate assets. PNB earlier disclosed the infusion of certain real estate properties into wholly-owned subsidiary PNB Holdings Corp. (PHC) in exchange for additional shares in the latter valued at around P46.7 billion. Upon subscription to the additional shares, PNB will have 99.46 percent control of the outstanding shares of PHC. In a briefing on Friday, PNB president and CEO Wick Veloso said the bank was still awaiting regulatory approval ... more