PLDT's (PSE:TEL) indirect unit VITRO is proposing an initial public offering and listing in the Philippines to raise gross proceeds of up to 24.2 billion pesos, according to a Monday filing by First Pacific (HKG:0142) with the Hong Kong bourse.

VITRO, which is currently undergoing a name change to VITRO REIT subject to the relevant approvals, has filed a registration statement and Real Estate Investment Trust (REIT) plan with the country's Securities and Exchange Commission.

ePLDT plans to offer up to 1.91 billion secondary common shares of VITRO REIT, with an over-allotment option of up to 287 million secondary common shares at an offer price of a maximum of 11 pesos per share. Proceeds will be used to repay debt.

The shares will represent around 48.95% of VITRO REIT's issued and outstanding capital stock following completion.

VITRO is owned by ePLDT, a unit of PLDT, which is a major operating associate of First Pacific.