Women’s Micro Bank only wants members to buy shares

Business

THE Women’s Micro Bank has sought the approval of the Securities Commission to allow only members to buy shares.
Chairman Ricky Mitio said the bank would manage the “closed” shares.
“The bank will manage the shares because it’s a close internal share according to the rules of issuing prospectus,” he said.
“If we were to go out to the public, we would have appointed an agent to manage for us. But this is a closed share offer and the Women’s Micro Bank will manage the shares.
“We did apply to the Securities Commission to seek advice to offer shares. And the advice is that when you are only targeting your internal customers, then it’s an internal or closed offer. So you deal with your selected groups only.
“If you want to make it open to public, then you can decide to either go to the stock exchange and list yourselves and public can buy or issues prospectors which is a lengthy process.”
Meanwhile, Mitio said the bank received its licence from the Bank of Papua New Guinea in May 2014 and started operations three months after.
“The bank has total client base of 17,000 with the total savings of K4.3 million. Total loans we have given out so far are K4.1 million,” Mitio said.
“We are targeting women.
“Our sole purpose is to bring financial services to and through women to their families to improve their living standards and assess financial services particularly those in the rural areas.
“We want to extend our services to other areas in the Pacific.”

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