+ Follow AUSTRA Tag
May 20, 2013 - 12:00am
By Luis Katigbak | February 17, 2012 - 12:00am
December 3, 2002 - 12:00am
Recommended
When Manila’s best dressed recently gathered at Shangri-La The Fort, it was an evening of glamour with a wonderfully generous twist.
18 hours ago
PSC chairman Patrick Gregorio made special mention of the country’s nine Aichi-Nagoya Asian Games silver medalists in recognizing the achievements of the Philippine delegation because “they did their best and it hurt the most.”
1 day ago
If age and categories were set aside, 11-year-old Zion Cruz could have very well held his own in the Best Actor race itself for his performance in Thop Nazareno’s coming-of-age film “Apol of My Ai.”
1 day ago
MANILA, Philippines — Lucio Tan-led Philippine National Bank has expressed willingness to sell its stake in listed real estate holding company PNB Holdings Corp.
“Yes, we’re open,” PNB president and CEO Edwin Bautista said when asked if the bank would consider reducing its stake in PNB Holdings.
“So maybe get a strategic partner to, you know, get the whole shares, because at the end of the day we’re not really a real estate company. In fact, when we took it out of our balance sheet, the balance sheet of PNB itself was cleaner. It’s easy to value,” he said.
PNB is the largest shareholder in PNB Holdings with a 49.75-percent stake, equivalent to 23.35 billion shares.
Bautista said the potential sale of the bank’s shares in PNB Holdings would depend on “whoever will pay a good price.”
“I am just looking at the interest of PNB. I am obligated to sell it at best value,” he said.
PNB Holdings made its stock market debut last Sept. 25 after listing 46.93 billion shares by way of introduction on the Philippine Stock Exchange. This included 23.9 billion shares declared as property dividends by its parent firm, PNB, to its shareholders.
PNB Holdings owns, manages and develops strategically located commercial properties in Metro Manila, particularly in Makati and Pasay.
Its portfolio includes office, retail and event spaces anchored by properties such as PNB Financial Center, PNB Makati Center and its 8,000-square-meter property at the intersection of Buendia Avenue and Paseo de Roxas Avenue.
The company plans to pursue a phased redevelopment of selected assets, beginning with its Buendia property, which it envisions as a high-end mixed-use development.
“You can speculate (on why PNB Holdings’ ticker symbol is LTL), but it’s obvious. You know what LT is. L would be land, so figure out what L and T would mean,” Bautista said.
“Which is probably right because we want to as much as possible detach ourselves from PNB Holdings. Because some people think that it is the holding company that owns PNB. That is usually the thinking, but they ask why is the owner valued less than the son? So it creates confusion,” he said.
As for PNB itself, Bautista is optimistic the bank would sustain its strong first half momentum in the second semester.
PNB delivered a 17-percent jump in first-half net income to P14.6 billion on the back of stronger lending activity, higher fee-based revenues and improving asset quality.
“As you know, all our metrics are very good during the first half. So far the trend continues. I cannot tell exactly where it will land, but my guess is the growth rate is going to be very similar,” Bautista said.
2 days ago
Yuka Saso stayed on course for career and personal redemption, firing her best round in three days — a four-under 68 — to surge from joint 33rd to a share of 18th after three rounds of the Lotte Championship.
3 days ago
Lotto Oct 6, 2026
EZ2/LVM - 30 28
SUERTRES - 8 9 2
6D Lotto - 4 8 5 6 1 0
6/42 Lotto - 7 35 41 37 8 11
P80,317,113.00
6/49 Super Lotto - 38 10 3 39 7 13
P37,053,882.00
6/58 Ultra Lotto - 26 18 44 43 49 57
P368,814,933.00
Forex
February 12, 2018
- 12:00 am
- 12:00 am
1$ : P51.66