FMIC Readies EFT

First Metro Investment Corp. (FMIC) is said to be ready to list the first ever exchange traded funds (ETFs) in the country worth Php3 billion next month at the local stock market upon completion of the documentary requirements.

According to Roberto Dispo, FMIC President, the investment house was also reviewing the probability of a dual listing at the Hong Kong Stock exchange two to three months after the listing in the PSE. Furthermore, the initial authorized capital for the ETF listing was raised to Php3 billion from Php1 billion due to a strong demand from institutional and global investors.

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Lucio Tan-owned Tanduay Distillers, Inc. appointed American firms for the distribution of its products to the United States next month. The American marketing and distribution companies were Brand Action Team LLC, Beacon Beverage Imports LLC, and MHW Ltd. Miami, Florida will be the destination of the first liquor shipment with a volume of 600 cases and the second batch of exports will depend on the US market’s demand.

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