PNB eyes P12 billion as it rebids various assets

MANILA, Philippines — Lucio Tan’s Philippine National Bank (PNB) is eyeing close to P12 billion as it rebids next month several acquired assets in the National Capital Region (NCR) and the provinces.

In an invitation for a public sealed bidding, the listed bank said it is selling commercial lots along Jefferson and Jefferson Avenue with an aggregate size of 20,854 square meters in Asiaworld City in Don Galo for P7.3 billion.

The property was initially priced at P8.34 billion when it was first auctioned, but was later repriced during the rebidding.

The Tan-led bank is also rebidding residential lands with an aggregate area of 2,876 square meters at Lincoln and Jefferson Streets in Marina Baytown West also in Asiaworld City for P1.18 billion.

The bank is also trying to dispose anew a commercial land with buildings along Alabang-Zapote Road in Barangay Pamplona and Talon Dos in Las Piñas City for P2.53 billion.

The country’s fifth largest lender in terms of assets is also bidding out commercial and residential lots with an aggregate area of 399,015 square meters at the Surigao-Davao coastal road in Davao de Oro for P541.5 million.

It is also selling a commercial lands along the San Fabian-Bonuan-Dagupan diversion road in Dagupan City, Pangasinan for P145.9 million, a commercial land in Sta. Cruz, Laguna for P98.1 million, an industrial, residential, and agricultural land with buildings in Kabankalan, Negros Occidental for P70.5 million, and a 1,854 square-meter commercial land in San Francisco del Monte in Quezon City  for P65.5 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 Jan. 17. The bids would be opened at 9:01 am on Jan. 17.

PNB encouraged 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 would 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 its foreclosed Manila North Harbor property to International Container Terminal Services Inc. (ICTSI) of billionaire Enrique Razon.

The STAR reported early this month that PNB was looking at raising P5.8 billion from the same to two real estate properties strategically located in NCR.

ICTSI edged other bidders for the 32,000-square meter commercial lot and building within the Manila Harbor Center 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 booked 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.