Will also list on the Hong Kong Stock Exchange.
Metrobank Group will issue the Exchange Traded Funds through a subsidiary, First Metro Investment Corporation. FMIC intends a dual listing of the ETFs at the Philippine Stock Exchange and the Hong Kong Stock Exchange. It intends to list in HK two to three months after it officially lists the ETFs in the PSE.
FMIC President Roberto Juanchito Dispo said the reasonable timeline they’re looking at is second half of July.
“We’re also studying to do a dual listing in Hong Kong, because it is a market where there’s a lot of mature global institutional investors that are familiar with ETFs, and this will allow a lot of global institutional investors to be able to invest in the Philippine equity market by not directly buying individual stocks.”
Dispo said FMIC’s initial capitalization authorization for its ETFs stood at US$68 million, higher than the original US$23 million. The increase was caused by the anticipation of a very strong demand from institutional and global investors.
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