Women’s Micro Bank offers shares

The Women’s Micro Bank is offering seven million shares to members to raise capital to improve the performance of the bank.

In a media conference today, chairman Ricky Mitio announced the release of 7,021,300 shares at an issuing price of K1 per share.

Mitio said the once in a lifetime opportunity is only applicable to members of ‘Women in Business’, customers of Women’s Micro Bank, and members of PNG Women in Business.

Mitio said the offer will strengthen the Bank’s capital adequacy; expansion of its branch network; improve technology for risk management and banking services; but more importantly give women members direct ownership of the bank.

“We are issuing a total of 30 million shares in Women’s Micro Bank, of which current shareholders hold 3, 978, 700 shares.  And the current offer is for 7, 021, 300 shares, leaving us a balance of 19 million as treasury stock for future.

“The minimum shares clients can buy is K100 shares. Maximum allowed is 15 per cent. Nobody can hold more than close to 600, 000 shares.”  Said Mitio.

General Manager Gunanidhi Das said based on the sale of the shares, they will then decide whether to put more on offer or increase the share price based on their end of year balance sheet.

The Women’s Micro Bank officially began operating in August 2014 and since its inception, has provided 2,800 loans to members in the informal sector and Small and Medium Enterprises.

The Bank has a net worth of K3 million and a balance sheet of K7.8 million.

Author: 
Cedric Patjole