February 23 (SeeNews) - Expat Bulgaria [BUL:BGX], an exchange-traded fund (ETF) based on the blue-chip index of the Sofia bourse, received approval by the Financial Conduct Authority (FCA) for cross-listing on the London Stock Exchange (LSE), the fund's management company said on Thursday.
"This is the first registration of a financial instrument licensed by the Bulgarian Financial Supervision Commission for trading on a foreign market," Expat Capital said in a statement. "This event is a major step towards raising the image of the Bulgarian financial sector and the Bulgarian regulator abroad."
In order to start trading on the ETF segment of the regulated market of LSE, the fund will go through a technical procedure of listing.
The cross-listing of the fund on the LSE would ensure quick and easy access for global investors to the Bulgarian stock market, Expat Capital said.
On Tuesday, Expat Bulgaria received an order on the primary market from an unnamed foreign institutional investor for issuance of 1 million units, after which the fund reached a net asset value of over 27 million levs ($14.6 million/13.8 million euro).
Besides the ETF, Expat Capital manages three mutual funds with global focus, as well as hundreds of individual investment portfolios of clients from 26 countries.
Expat Bulgaria closed flat at 1.169 levs on Thursday on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)