THE FIRST Metro Philippine Equity Exchange-Traded Fund, Inc. (FMETF) will change its corporate name to ATR FAMI Philippine Equity Exchange-Traded Fund, Inc., reflecting its new ownership.
The board approved the name change on Feb. 11, FMETF said in a regulatory filing on Wednesday. The change remains subject to stockholders’ approval at the annual stockholders’ meeting.
In December, First Metro Investment Corp. (FMIC) sold its controlling stake in First Metro Asset Management, Inc. (FAMI) to the ATR Asset Management Group (ATRAM Group) as part of its strategy to “focus on the investment banking business.”
The transaction involved the sale of FMIC’s 1,050,000 common shares — representing 70% of FAMI’s issued and outstanding capital stock — to a consortium led by ATRAM Investment Management Partners Corp., ATRAM Group’s parent firm, and MET Holdings.
FMIC is the investment banking arm of listed Metropolitan Bank & Trust Co.
Meanwhile, FMETF announced leadership changes following the ownership transition.
The company appointed Manuel N. Tordesillas as chairman, replacing Eduardo R. Carreon. Mr. Carreon was subsequently elected president and director, replacing Michael G. Say.
FMETF also said Karen Liza M. Roa and Winston Andrew L. Peckson stepped down as directors, while Jose C. Nograles, Rafael K. Eloriaga, and Rhodora Angela F. Ferrer resigned as independent directors.
The company named Regina Paz Goco-Morales and Manuel Herbosa as new directors, while Bernardo M. Villegas and Victor A. Abola were elected independent directors.
Aside from FMETF, FAMI serves as the principal distributor, administrator, and fund manager of FMIC’s mutual funds.
The ATRAM Group operates through ATRAM Trust and ATR Asset Management, Inc., managing portfolios consisting of mutual funds, trust assets, insurance portfolios, and real estate.
On Wednesday, FMETF shares rose by 0.21% or 20 centavos to P97.20 apiece. — Revin Mikhael D. Ochave
