PNB Holdings, the real estate arm of Philippine National Bank (PNB) owned by billionaire Lucio Tan, is considering postponing its planned stock market debut amid market turbulence triggered by the Middle East conflict.

Lucio Tan III, grandson of the tycoon and chief operating officer of LT Group (PNB’s largest shareholder) said the delay is aimed at preserving shareholder value amid current market instability, according to local news platform InsiderPH.

“The initial plan was to list very, very soon, but due to the issues that we’re seeing with the market, we may potentially have to push it back,” Tan said.

“At the end of the day, we want to make sure that we maximize the value of this overall listing and we want to do it in a way where we are able to fully capitalize.”

Lucio Tan, chairman of Philippine Airlines, attends a press conference in Manila on August 28, 2012. Photo by AFP

Last month, PNB Holdings chief financial officer Ponciano Carreon Jr. confirmed the company was gearing up to go public after the Securities and Exchange Commission approved its application to list via introduction at the 56.3-billion-peso ($930 million) valuation.

PNB carved out its property unit in 2021, distributing 51% of PNB Holdings shares to the bank’s stockholders as dividends. The company holds prime properties in Makati’s central business district and along Manila Bay. Its IPO has been in the works since then to strengthen the bank’s capital base and fund property development, according to Forbes.

In a statement, PNB Holdings said that while it remains prepared to list, prevailing market conditions do not support its goals of value protection and creation for shareholders, adding that it will continue monitoring conditions before proceeding at an appropriate time.

Lucio Tan, with a net worth of $3.2 billion, ranks among the Philippines’ wealthiest individuals. Beyond his banking interests, his business portfolio includes airlines, beverages, tobacco, and real estate.