Bank hopes to raise K4 million

Business

THE Women’s Micro Bank hopes to raise K4 million from more than seven million shares it is releasing.
Chairman Ricky Mitio said the board had approved the release of the shares.
“The bank is a subsidiary of the Women in Business,” Mitio said.
“The board has approved the release of the first lot of shares in Women’s Micro Bank Ltd. The total number of shares is 7,021,300 at a price of K1 per share.”
He said the objective of the share offer was to strengthen capital adequacy requirements required under Bank of PNG.
“Our second purpose is to extend the network of the Women’s Micro Bank to all regions in Papua New Guinea to bring the bank closer to the women in rural areas as well as the regions,” he said.
“Thirdly, to improve the technology so that we can manage the risks and ensure that the banking services can be assessed through the use of technology.
“Finally, to make sure that the women of Papua New Guinea have direct ownership in the Women’s Micro Bank. Currently, we have
3,978,700 shares held by PNG Women In Business Foundation. I want to state that this is a closed offer because we are offering these shares to those who are already members of Women in Business.”
He said each client can buy up to K100 worth of shares.

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