- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
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Taiwan's Polaris Securities could launch the first ever exchange-traded fund (EFT) on the Abu Dhabi Securities Market (ADSM) as early as June, the Taiwan stock exchange said on Thursday. The move marks a further step before the two exchanges form a tie-up, which would eventually involve the Taiwan exchange selling a stake in itself to foreign strategic investors including the ADSM. "The most likely development for us and ADSM for now is to introduce ETFs," Chairman Wu Rong-I of the Taiwan stock exchange told reporters after meeting with ADSM's chief executive Tom Healy. "No plans or details about investing in each other are in place." ETFs are listed on stock exchanges and offer investors exposure in underlying shares or other assets. The ETF would be focused on Taiwan technology firms but no further details were provided. The Taiwan exchange had said it aims to raise at least $652 million in an IPO next year, the final step in a restructuring of four of Taiwan's government-owned markets into a single holding company. Taiwan is seeking to build its international profile with investors and to tap growing wealth in the Middle East, fuelled by a boom in energy prices. The Taiwan exchange said in December it agreed with the Dubai International Financial Exchange and Borse Dubai to move towards allowing Taiwanese companies to list in Abu Dhabi and to take steps to make it easier for people to invest in each other's stocks. Wu said last October the exchange was in tie-up talks with NYSE Euronext operator of the New York Stock Exchange, as well as Nasdaq Stock Market Inc and Deutsche Boerse. (Reuters) |
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