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Former Labor politicians land new roles

Former premier Mark McGowan and recently retired defence minister Paul Papalia have taken on new roles with major companies in the property and defence sectors.

Published Oct 6, 2026 · 6:00 PMOriginal source: Business News - Latest Headlines1 reads
Former premier Mark McGowan and recently retired defence minister Paul Papalia have taken on new roles with major companies in the property and defence sectors.
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Business News - Latest Headlines

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PLDT moves VITRO REIT IPO to 2027 amid market conditions, rising rates

PLDT Inc. has moved the planned initial public offering (IPO) of its data center arm VITRO REIT, Inc. to 2027, citing current market conditions and rising interest rates. In a disclosure dated Oct. 5, the Pangilinan-led telecommunications company said VITRO REIT had decided to defer the offering but would continue coordinating with the Securities and Exchange Commission and the Philippine Stock Exchange (PSE) to complete the applicable requirements. “PLDT remains committed to the proposed VITRO IPO as an important part of the Group’s asset monetization and deleveraging plans, while supporting expansion of the REIT (real estate investment trust) portfolio and continued growth of the Group’s data center business,” the company said. VITRO is the data center arm of ePLDT, Inc. within the PLDT group. The company operates 11 data centers nationwide with a combined capacity of nearly 100 megawatts. The company had earlier targeted an Oct. 12 listing on the PSE. VITRO is seeking to raise up to P24.2 billion through the offer of 1.91 billion secondary common shares, with an overallotment option of 286.96 million shares, at an offer price of up to P11 apiece. Proceeds from the offer will be used by ePLDT to reduce debt while complying with REIT regulations and its approved reinvestment plan. VITRO has appointed UBS AG, Singapore Branch and BPI Capital Corp. as lead international underwriter and domestic lead underwriter, respectively. They will also serve as joint global coordinators and joint bookrunners for the proposed offer. Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said deferring VITRO’s IPO to 2027 was “the more prudent move rather than forcing the transaction into an unfavorable market.” “REITs are particularly sensitive to intere

Original sourceBusinessWorld