Women’s Micro Bank issues share certificates

ONE-hundred and seventy shareholders from the Women’s Micro Bank (WMB) in the National Capital District and Central were issued share certificates this week.
WMB chairman Ricky Mitio said the purpose of the certificates was to recognise the recipients as the bank’s shareholders.
“The Investment Promotion Authority (IPA) company law requires shareholders to have certificates,” Mitio said.
“It will identify you or serve as evidence of your shareholding in a company and you will be paid a dividend when the company makes a profit.”
Mitio said with the certificate, shareholders could speak at the company’s annual general meetings.
He said WMB sold shares across the country in places like Port Moresby (NCD and Central), Lae (Morobe), Wewak, Maprik (ESP), Madang (Madang), Goroka (EHP) and in the New Guinea Islands.
According to Mitio, there was a delay in issuing the certificates to shareholders because the IPA needed to complete its routine checks with the WMB.
“There was a delay in issuing the shareholding certificates because IPA had its own rules and procedures where they had to do financial and other checks,” he said.
WMB general manager Gunanidhi Das said they had a total of 7,557 shareholders so far with 675 in NCD and Central alone.
“This share certificate presentation is only for NCD and the Central,” Das said.
“From Sept 1, 2017, to June 20 last year, our shareholders stand at 7,557 and with value of K2,842,260 in shares at K1 per share.”
Das said those shareholders who were yet to receive their certificates would do so at WMB branch offices.
He said the WMB aimed to pay out dividends to its shareholders by next year.