First Metro Philippine Equity Exchange Traded Fund Inc. (First Metro ETF), the country’s first ETF), will start trading at the Philippine Stock Exchange on December 2, selling initially 30 million shares at a P100 par value.
First Metro ETF will have a P3-billion market capitalization but according to First Metro Securities Brokerage Inc. Chairman Roberto Juanchito Dispo, the company might raise this to P10 billion amid strong demand.
First Metro ETF, sponsored and organized by First Metro Investment Corp., signed key agreements with the Philippine Stock Exchange (PSE) on Monday, paving the way for the listing of the country’s first ever ETF.
First Metro ETF President Eduardo Carreon and PSE Chief Executive Officer and President Hans Sicat signed the index provider agreement and listing agreement.
Essentially, the index provider agreement states that the PSE is allowing First Metro ETF to track the exchange index, while the listing agreement outlines First Metro ETF’s responsibilities as a listed company also on the exchange.