PLDT—backed by Indonesian billionaire Anthoni Salim’s Hong Kong-listed First Pacific Co.—plans to raise 24.2 billion pesos ($396 million) in what could be the first IPO of a data-center REIT in the Philippines.
The Philippine telecom giant said that its data center unit, Vitro Inc. plans to offer up to 2.2 billion secondary common shares, including an over-allotment option, at as much as 11 pesos each, PLDT said in a filing on Monday to the Securities and Exchange Commission. As part of the listing, Vitro Inc. will change its name to Vitro REIT, subject to regulatory approval. The company is offering about 48.9% of its outstanding shares in the IPO.
“Today’s filing marks an important step in our efforts to unlock value from PLDT Group’s digital infrastructure portfolio while supporting the continued expansion of Vitro REIT’s data center platform,” Victor S. Genuino, president and CEO of ePLDT and Vitro REIT said in the statement. “As demand for secure, resilient, and scalable digital infrastructure continues to grow, the proposed Vitro REIT IPO creates an opportunity for investors to participate in the growth of one of the country’s most critical digital infrastructure sectors.”
The company has not disclosed the listing timeline but PLDT chairman and CEO Manuel Pangilinan was cited in recent local media reports as saying that the data center REIT will be listed by the fourth quarter of this year. Vitro’s initial portfolio will comprise eight operating data centers that have a combined capacity of 24 megawatts.
With a net worth of $10.4 billion according to Forbes’ real-time data, Salim is among the wealthiest in Indonesia. Salim and his family also have stakes in Indofood—Indonesia’s largest noodle maker—banking, retail and coal mining. Apart from PLDT, Salim through First Pacific also holds a stake in Metro Pacific Investment, one of the Philippines’ biggest conglomerates with interests in energy, healthcare, toll roads and real estate.
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