First Metro Investment and PASTRA Signs Joint Venture Agreement for the PASTRA Electronic Direct Registry System
28 April 2005

First Metro Investment Corporation, the investment banking arm of Metrobank, and the Philippine Association of Stock Transfer and Registry Agent, Inc. (PASTRA) signed a Joint Venture Agreement for the PASTRA Electronic Direct Registry (EDR) System.

PASTRA is an association of all the stock transfer agents in the country that service more than 300 issues listed in the Philippine Stock Exchange. First Metro Investment holds the distinction of being the country's only publicly listed investment bank and the largest investment house in the Philippines.

Under the JVA, First Metro Investment will own 35 % of the joint venture company, Pastra Net, Inc. PASTRA will own 49% and the balance of 16% will be held by Newburgh Holdings, Inc.

Last April 14, the Securities and Exchange Commission decided en banc to reform the set-up of stock registration from a depository model employing nominee account to a name-on-registry in a bid to protect investors. under the previous set-up, stockbrokers register stocks on behalf of investors at the Philippine Central Depository (PCD). brokers hold shares of stock for investors in the name of the PCD Nominee, Inc.

The EDR will not only enable stock holders to have their securities in their own names in the books of the listed corporations, it will also provide the convenience of electronic trading through the internet and mobile phones and will facilitate securities clearing and settlement process.