Bernama
KUALA LUMPUR, Jan 25 (Bernama) -- The newly-launched exchange traded fund called MyETF Dow Jones Islamic Market Malaysia Titans 25 has received overwhelming response with the public spread being oversubscribed by 31.5 million units on its second day of subscription Thursday.
The fund, MyETF-DJIM25, launched on Jan 21, is the country's first National ETF as well as Asia's first Shariah-compliant ETF and is scheduled to be listed on Bursa Malaysia's Main Board next Thursday.
It gives investors immediate exposure to 25 leading Shariah-compliant companies listed on Bursa Malaysia, said Zainal Izlan Zainal Abidin, the chief executive officer of i-VCAP, the fund manager for MyETF-DJIM25.
He said that in the wake of overwhelming response from retail and institutional investors, government-linked investment companies (GLICs) participating in MyETF-DJIM25 are paring down their stakes by a further 80 million units to allow greater subscription by the public.
The seven GLICs were initially set to subscribe up to 700 million units of MyETF-DJIM25, while the balance of 140 million was to be made available for the public.
"The decision by the GLICs to further reduce their subscription in the National ETF is in line with one of the objectives of the fund, which is to increase the free float of the stocks comprised in MyETF-DJIM25, so as to boost liquidity and promote greater retail participation in the stock market," said Zainal Izlan in a statement here Friday.
He said that the move by the GLICs allows more retail and institutional investors to subscribe to MyETF-DJIM25.Among stocks within the index include Sime Darby Bhd, IOI Corporation Bhd, DiGi. Com Bhd, Kuala Lumpur Kepong Bhd, MISC Bhd, Gamuda Bhd and PPB Group Bhd.
Investors can subscribe from participating dealers - CIMB Investment Bank Bhd and OSK Investment Bank Bhd and selling agents - Aseambankers Malaysia Bhd and Affin Investment Bank Bhd - until next Monday.
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