Company controlled by Indonesian instant noodles tycoon Anthoni Salim to raise $396M from Philippine IPO

In a filing submitted Monday to the Securities and Exchange Commission, the Philippine telecom giant said its data center unit, Vitro Inc., plans to offer up to $2.2 billion secondary common shares, as reported by Forbes.

As part of the planned listing, Vitro Inc. will be renamed Vitro REIT, subject to regulatory approval. The offering covers about 48.9% of the company’s outstanding shares.

“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 PLDT.

The company has not announced a listing timetable, although recent local media reports cited PLDT Chairman and CEO Manuel Pangilinan as saying the data center REIT is expected to list by the fourth quarter of this year. Vitro’s initial portfolio will consist of eight operating data centers with a combined capacity of 24 megawatts.

Salim, whose net worth stands at $10.41 billion, according to Forbes’ real-time data, ranks among Indonesia’s richest individuals. He and his family also hold interests in Indofood, Indonesia’s largest noodle maker, as well as in banking, retail, and coal mining.

In addition to PLDT, Salim, through First Pacific, also has a stake in Metro Pacific Investment, one of the Philippines’ largest conglomerates, with businesses spanning energy, healthcare, toll roads, and real estate.