PLDT Inc., the Philippine telecoms group led by Manuel V. Pangilinan, has dropped plans to list its data centre business in the fourth quarter of 2026 and moved the potential P24.2 billion offering to 2027. In a disclosure to the stock exchange on Tuesday, the company cited current market conditions and rising interest rates for deferring the real estate investment trust listing of Vitro.
The original timetable had the offer period running from 25 September to 1 October, with shares listing on 12 October. As recently as August, at the first-half results briefing, Vitro president and chief executive Victor Genuino said the company was sticking to that schedule. In an August interview with Bloomberg TV, Philippine Stock Exchange president Ramon Monzon said PLDT was adjusting the date because it was finalising deals with cornerstone investors.
Under the plan, ePLDT would sell up to 1.91 billion secondary shares, with an overallotment option of up to 286.96 million more, at up to P11 a share. The initial REIT portfolio holds eight operating data centres with about 24 megawatts of IT-ready capacity. PLDT said that despite the delay it “remains committed to the proposed VITRO REIT IPO” as part of its plans to monetise assets and reduce debt.
Economists described the delay as sensible, since listing in a weak market could force a lower valuation. Ron Acoba, chief investment strategist at Trading Edge, said interest rates matter a great deal for a REIT because investors compare its dividends with safer government securities. With the Philippine 10-year government bond yielding about 7.8 per cent, he said Vitro would probably need to offer at least a comparable dividend yield, ideally with a premium, or buyers might simply choose government paper offering similar or better yields with substantially lower risk. Both the company and the analysts point to rising rates as the main obstacle to a listing this year.
Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said waiting for better sentiment and funding conditions works in shareholders’ favour and that Vitro could still command a stronger valuation next year. Its “long-term story remains intact,” he said, arguing that demand for data centres driven by digitalisation and AI adoption could draw more investors if Vitro grows its footprint and earnings before it comes to market.
