PNB Announces Property Dividend Distribution

The board of directors of the Philippine National Bank (PNB) has announced the approval and confirmation of its property dividend distribution involving the shares of stock of its property subsidiary, PNB Holdings, which holds the bank's real estate assets.

On April 23, 2021, the PNB Board of Directors approved and confirmed the property dividend declaration of up to 239,353,710 common shares of PNB Holdings Corporation (PHC) with a par value of P100 per share, to all stockholders of record as of May 18, 2021. I Photo: Adobe Blog

In its disclosure to the Philippine Stock Exchange, the PNB board confirmed the distribution date for the property dividends as October 25, 2024, for dividends declared on April 23, 2021.

This applies to stockholders who have been issued electronic Certificates Authorizing Registration (eCAR) by the Bureau of Internal Revenue (BIR) as of August 29, 2024, and have fully settled their obligations.

The dividend distribution will continue as eCARs are released by the BIR, and once all obligations are settled.

On April 23, 2021, the PNB Board of Directors approved and confirmed the property dividend declaration of up to 239,353,710 common shares of PNB Holdings Corporation (PHC) with a par value of P100 per share, to all stockholders of record as of May 18, 2021, subject to regulatory and other necessary approvals.

The property dividend will be paid at a ratio of 0.156886919 shares of PHC for every 1 share of PNB.

This ratio was determined by dividing the total number of outstanding shares declared as property dividends of PHC (239,353,710 common shares) by the total number of outstanding shares of PNB (1,525,764,850).

In the case where a stockholder is entitled to a fractional PHC share, PNB will pay for the fraction in cash based on the par value on the payment or settlement date.

On December 27, 2021, the Securities and Exchange Commission issued the Certificate of Filing of the Notice of Property Dividend Declaration, dated December 24, 2021. The property dividends will be distributed after securing the necessary approvals from concerned government agencies and completing other administrative processes.