General Announcement::Results of the Board Meeting of PNB Holdings Corporation

Issuer & Securities

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

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
01-Jun-2018 17:18:20
Status
New
Announcement Sub Title
Results of the Board Meeting of PNB Holdings Corporation
Announcement Reference
SG180601OTHRXH8A
Submitted By (Co./ Ind. Name)
Maila Katrina Y. Ilarde
Designation
Corporate Secretary
Effective Date and Time of the event
31/05/2018 15:48:00
Description (Please provide a detailed description of the event in the box below)
We wish to advise that the Board of Directors of PNB Holdings Corporation, a wholly-owned subsidiary of the Philippine National Bank (the "Bank"), approved yesterday, May 31, 2018, the exchange of 3,126,000 common shares in PNB General Insurers Co., Inc. ("PNB Gen") for 93,204,327 common shares in Allied Bankers Insurance Corporation ("ABIC").

Upon completion of the foregoing and the approved exchange by the Bank of its 6,000,000 common shares in PNB Gen for 178,895,061 common shares in ABIC, the Bank, and its wholly-owned subsidiary, PNB Holdings, will effectively increase its ownership of ABIC from 4% to 33.1%. We wish to further advise the Exchange that the transactions are subject to regulatory and other necessary approvals.

We trust you will take note accordingly.