Philippines’ PLDT on Tuesday deferred VITRO REIT’s IPO to 2027, citing market conditions and putting on hold plans to raise up to 24.2 billion pesos ($385.37 million) in what would be the country’s first digital infrastructure asset-backed listing.
VITRO, a unit of PLDT‘s corporate arm, would continue working with the Philippine Securities and Exchange Commission and Philippine Stock Exchange to complete regulatory requirements, with a view to completing the offering in 2027
The Manila-based firm added that it remains committed to the IPO as part of its asset monetisation, while seeking to expand the REIT portfolio and scale its data-centre business.
The firm’s shares have fallen about 13% this year, and were last trading at 1,101 pesos on Tuesday, not too far from its 52-week low. The Philippine stock benchmark. PSI is also among the weakest-performing gauges in the emerging Asia region. .SO
Rising rates have added to the caution. The US Federal Reserve raised rates by 25 basis points in September, while the Philippine central bank has raised rates by 75 basis points since April.
Reuters
