Asset Acquisitions and Disposals::Full integration of subsidiary/Sale of shareholdings in subsidiaries

Issuer & Securities

Issuer/ Manager
PHILIPPINE NATIONAL BANK
Securities
PHILIPPINBKUS$300M4.25%N230427 - XS1810088226 - 8TBB
Stapled Security
No

Announcement Details

Announcement Title
Asset Acquisitions and Disposals
Date &Time of Broadcast
28-Sep-2018 17:44:10
Status
New
Announcement Sub Title
Full integration of subsidiary/Sale of shareholdings in subsidiaries
Announcement Reference
SG180928OTHR5IVM
Submitted By (Co./ Ind. Name)
Maila Katrina Y. Ilarde
Designation
Corporate Secretary
Effective Date and Time of the event
28/09/2018 17:00:00
Description (Please provide a detailed description of the event in the box below)
We wish to advise that during its meeting today, September 28, 2018, the PNB Board of Directors approved the following:

1. Full integration of the Bank's wholly-owned thrift bank subsidiary, PNB Savings Bank, through PNB's acquisition of its assets, and assumption of its liabilities in exchange for cash, subject to regulatory and other necessary approvals; and

2. Sale of the Bank's 100% shareholdings in its wholly-owned subsidiaries, Bulawan Mining Corporation and PNB Management and Development Corporation, to MacroAsia Mining Corporation.