FMIC to sell P1B of ETF shares in follow-on offering

First Metro Investment Corp. (FMIC) is selling P1 billion worth of First Metro Philippine Equity Exchange Traded Fund (ETF) shares in a follow-on offering of the PSEi-linked fund.

"We will have a follow-on offer of P1 billion so we can increase the liquidity of this particular stock," FMIC Chairman Francisco C. Sebastian said in a press conference in Makati City on Monday.

The follow-on offering consists of 10 million ETF shares, which was launched in December 2013.

FMIC is also introducing another ETF next year, which will track a new index set of stocks.

"We have been working at this for the last six months. We want some foreign names involved in this. It will be a local index but it will give you more diversification," Sebastian said.

"First Metro will be able to issue other ETFs earlier next year," he added. — VS, GMA News