Women’s bank plans to raise K4m

Photo caption: Womens Micro Bank (WMB) Chairman, Mr. Ricky Mitio and WMB General Manager, Mr. Gunanidhi Das at the press conference at Banks headquarters at Aopi Centre, Port Moresby on Wednesday. Pic by CYRIL GARE. 

By CYRIL GARE

PNG Women’s Micro Bank hopes to raise K4 million in a “close offer” of equity share float to its 17,000 clients.

WMB chairman, Ricky Mitio told journalists in Port Moresby on Wednesday that 7,021,300 ordinary shares are being floated to its WMB members, Women in Business Foundation (WiBF) members, and  other clients at K1 per share.The offer closes in November.

Mr Mitio encouraged women clients to grab this opportunity now before price change after November.

He said no broker was appointed, the WMB itself will manage and administer the float “until such time we go public”, adding that maximum share purchase is restricted to 15 per cent of total available stocks.

Mr Mitio said this offer was primarily aimed at strengthening the performance of the bank in four key areas:

  • Strengthening capital adequacy requirements set by Central Bank;
  • Expansion of branch network adhering to branch licensing norms of Central Bank to bring the services closer to rural membership;
  • Improve technology between branches and head office for risk management and explore electronic banking services so that clients have access to bank’s services closer to them
  • To give opportunity to its women members and Women in Business Foundation Incorporation to hold direct ownership or shareholding in the bank.

The PNG Women’s Micro Bank was licensed by the Central Bank in May, 2014 and is among five others in the world and first in the Pacific.

Its current lending portfolio stands at K4.1 million comprising 2500 loans, savings at K4.3 million, and an outstanding collection of K1.6 million which Mr Mitio described as “safe trading”.

Apart from its headquarter at the Aopi Centre in Port Moresby, the WMB has two provincial branches; Lae, Morobe Province and Wewak with an agency in Maprik, East Sepik.

Mr Mito said the bank plans to expand to other provinces and also the Pacific in the near future.

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