PNB ramps up sale of acquired properties

MANILA, Philippines — Lucio Tan-controlled Philippine National Bank (PNB) is looking to raise at least P17.25 billion as it ramps up the sale of various acquired assets.

In an invitation for a public sealed bidding, the listed bank said it is selling commercial lots with an aggregate size of 20,854 square meters in Asiaworld City in Don Galo for P8.34 billion, as well as residential lots at the Marina Baytown West also in Asiaworld City in Tambo for P1.15 billion. Both properties are in Paranaque City.

In Las Piñas City, PNB is also disposing commercial and industrial properties with buildings for P5.1 billion. This includes a commercial property along Alabang-Zapote Road in Barangays Pamplona and Talon Dos for P2.6 billion, as well as a commercial or industrial property along J. Aguilar Ave. in Talon Tres for P2.5 billion.

The country’s fifth largest bank in terms of assets is also disposing developmental lots with an aggregate size of 1.94 million sq. m. in Calatagan, Batangas for P1.93 billion.

The bank is also selling a commercial property along the National Highway in Maco, Compostela Valley for P600 million, and another commercial property along MacArthur Highway in San Fernando, Pampanga for P130.35 million.

The bank said interested parties should submit sealed bids together with the 10 percent deposit in the form of manager or cashier’s check to the Acquired Assets Management Group at the PNB Financial Center in Pasay City until Sept. 15. The bids would be opened at 9 a.m. on Sept. 15.

PNB encourages prospective bidders to inspect the properties, including an examination of the legal status of the title prior to submitting their bids as the sale is on an as-is, where-is basis.

According to the bank, the winning bidder will take possession of the property only upon award subject to PNB’s approval, and the execution of the contract to sell or deed of absolute sale, and payment of relevant charges.

“PNB does not assume any obligation whatsoever to compensate or indemnify any bidder for any expense that may be incurred in the bidding process,” the bank said in an invitation for a public sealed bidding.

Last April, PNB raised P3.68 billion from the sale of a foreclosed Manila North Harbor property to International Container Terminal Services Inc. (ICTSI) of billionaire Enrique Razon.

ICTSI edged other bidders for the 32,000-square meter commercial lot and building within the Manila Harbor Centre industrial zone in Tondo, Manila with a minimum bid price of P3.2 billion or P100,000 per square meter.

Last year, PNB executed a property-for-share swap involving the 10-hectare PNB Financial Center along Macapagal Boulevard in Pasay City, the PNB Makati Center in the Ayala central business district, as well as the foreclosed eight-hectare property at the corner of Buendia Avenue and Paseo de Roxas in Makati City.

As a result, the bank posted P34 billion in its books representing the difference between the fair value of P46.68 billion and the book value of P12.6 billion of the properties exchanged for shares of PNB Holdings Corp.